In partnership with Icona Capital, Swiss group Stoneweg has doubled its market share in real estate, reaching the impressive figure of €8 billion, thanks to the acquisition of the European platform of real estate investor Cromwell.
Two years ago, Icona Capital, founded by Max-Hervé George, joined forces with the real estate investment group Stoneweg. Today, the entity has entered into a new agreement with Cromwell Property Group to acquire its European fund management platform and associated co-investments. This deal encompasses €3.9 billion of real estate assets under management.
The price is reported to be €280 million, subject to closing adjustments and regulatory approvals.
This acquisition includes Cromwell’s European funds management business and interests in Cromwell European REIT (“CEREIT”), a Singapore-listed company with €2.2 billion of real estate assets, as well as Cromwell Urban Italy Logistics Fund. ‘This important transaction successfully brings together two complementary companies that share the same belief in the structural, demographic, and technological factors that underpin certain real estate asset classes in Europe’, comments Jaume Sabater, co-founder and CEO of Stoneweg.
Max-Hervé George, founder and CEO of Icona Capital, strategic shareholder of Stoneweg adds: ‘Icona joined Stoneweg as a strategic shareholder and investor in 2022, with the clear objective of making the company a leading global player in real estate. In this context, we at Icona are very pleased to have participated in this major transaction, which provides the platform for Stoneweg and Icona to achieve our goal, strengthening both our market presence and our partnership.’
Under the terms of the transaction, Stoneweg will acquire:
- 100% of Cromwell Europe Limited;
- 27.8% of CEREIT;
- 100% of the manager of CEREIT; and
- 50% of Cromwell Urban Italy Logistics Fund.
In total, Cromwell’s European platform comprises more than 160 assets and 1,600 tenants, with 14 offices in 12 European countries, across a mix of core, core+ and value-add funds and mandates. This transformational transaction will build on the strengths and strong track records of Stoneweg and Cromwell Europe to create a leading European real estate business, with capital relationships and diversified product offerings.
Stoneweg, headquartered in Geneva, currently manages approximately €4 billion in assets and employs more than 140 professionals across seven offices in Europe and the United States. Since its creation in 2015, it has carried out more than 375 transactions amounting to €6.2 billion. In recent years, it has continued to diversify its service offering by launching Stoneweg Hospitality in 2021 and its Places & Experiences platform in 2023.
Led by Stoneweg co-founders Jaume Sabater (CEO) and Joaquin Castellvi (Head of Acquisitions), and Icona founder Max-Hervé George, a strategic shareholder of Stoneweg, the combined platform will continue to operate under the name Stoneweg. The enlarged group will manage approximately €8 billion in assets, providing expertise in equity and debt investment and development across the residential, light industrial, logistics, hospitality, offices, culture and even leisure in no less than 15 European countries. This new entity will employ more than 300 professionals in 25 offices.
It will also benefit from the expertise of another key shareholder, Swiss banking group CBH, which took a stake in Stoneweg a few months after Icona Capital. Represented by its general manager, Simon Benhamou, CBH acted as the financial advisor for the transaction.
