Stoneweg, Icona and CBH strengthen partnership with acquisition of Cromwell, adding €4 billion in AUM to Stoneweg

Jaume Sabater, co-founder and CEO of Stoneweg; Max-Hervé George, founder and CEO of Icona Capital; Simon Benhamou, CEO of CBH

In partnership with Icona Capital, Swiss group Stoneweg has doubled its real estate market share to an impressive €8 billion with the acquisition of European real estate investor platform Cromwell.

Two years ago, Icona Capital, founded by Max-Hervé George, joined forces with real estate investment group Stoneweg. Today, the entity entered into a new agreement with Cromwell Property Group to acquire its European fund management platform and related co-investments. This transaction includes real estate assets under management worth EUR 3.9 billion.

The price is €280 million, subject to closing adjustments and regulatory approvals.

This acquisition includes Cromwell’s European funds management business and its interests in Cromwell European REIT (“CEREIT”), a Singapore-listed company with real estate assets worth EUR 2.2 billion, and Cromwell Urban Italy Logistics fund Fund. “This important transaction successfully brings together two complementary companies that share the same belief in the structural, demographic and technological factors underlying 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, a strategic shareholder of Stoneweg, adds: “Icona joined Stoneweg as a strategic shareholder and investor in 2022 with the clear goal of making the company a leading global real estate player. In this context, we at Icona are very pleased to be involved in this major transaction, which provides Stoneweg and Icona with a platform to achieve our goal, strengthening both our market presence and our partnership.

Under the terms of the transaction, Stoneweg will acquire:

100% of shares in Cromwell Europe Limited;
27.8% of CEREIT;
100% CEREIT manager; AND
50% of the Cromwell Urban Italy logistics fund.

In total, Cromwell’s European platform includes over 160 properties and 1,600 tenants, as well as 14 offices in 12 European countries, and offers a variety of core, core+ and value-added funds and mandates. This transformational transaction will build on the strengths and strong track record of Stoneweg and Cromwell Europe, creating a leading European real estate company with equity relationships and a differentiated product offering.

Headquartered in Geneva, Stoneweg currently manages assets worth approximately EUR 4 billion and employs over 140 specialists in seven offices in Europe and the United States. Since its establishment in 2015, it has conducted over 375 transactions worth EUR 6.2 billion. It has continued to diversify its service offering in recent years, launching Stoneweg Hospitality in 2021 and the Places & Experiences platform in 2023.

Joaquin Castellvi, co-founder and head of acquisitions at Stoneweg

The combined platform, 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, will continue to operate under the Stoneweg name. The enlarged group will manage assets worth approximately €8 billion, providing expertise in equity and debt investments and development in the residential, light industrial, logistics, hospitality, office, culture and even leisure sectors in at least 15 European countries. The new entity will employ over 300 specialists in 25 offices.

It will also benefit from the knowledge of another key shareholder, the Swiss banking group CBH, which acquired shares in Stoneweg a few months after Icona Capital. CBH, represented by CEO Simon Benhamou, acted as a financial advisor in the transaction.