Icona Capital Acquires Cromwell’s European Platform via Stoneweg, Doubles Real Estate Aum to €8 Billion

Geneva & London

Oct 2024

About

Icona Capital is pleased to announce that it has entered into a binding agreement with Cromwell Property Group to acquire their European fund management platform and related co-investments, valued at €3.9 billion in real estate assets under management, through Stoneweg, a real estate manager. The total consideration for this acquisition is €280 million, and it includes:

100% interest in Cromwell Europe Limited
8% unitholding in CEREIT, a real estate investment trust listed in Singapore with a €2.2 billion portfolio
100% interest in the Singapore-based manager of CEREIT
50% interest in the Cromwell Urban Italy Logistics Fund

Deal Information:

With this acquisition, the combined group, led by Max-Hervé George, Founder & CEO, and the co-founders of Stoneweg, Jaume Sabater (CEO) and Joaquin Castellvi (Head of Acquisitions), will manage €8 billion in assets across residential, light industrial, logistics, hospitality, office, and cultural and leisure sectors, spanning 15 European countries. The platform will continue to operate under the Stoneweg brand. This European platform, comprising over 160 assets and 1,600 tenants across 12 countries, is diversified through a mix of core, core+, and value-add funds and mandates. The transaction strengthens ours and Cromwell Europe’s positions, creating a leading European real estate business with extensive capital relationships and diverse product offerings.

Statement from the Founder:

Icona became a strategic shareholder in Stoneweg in 2022 with a clear vision to expand and strengthen the business into a leading global real estate player. This transformative transaction marks a significant milestone towards achieving that goal, enhancing our market presence and deepening our partnership.

The combined expertise of Icona, Stoneweg, and Cromwell positions us to create a real estate powerhouse in Europe, driving innovative strategies and offering unique investment opportunities that will significantly impact the European real estate markets.