Icona Capital, an established alternative investment firm, has entered into an agreement with Cromwell Property Group to acquire its European fund management platform, including its co-investments. The acquisition, conducted through real estate manager Stoneweg, will bring additional assets to Icona’s portfolio. The transaction includes:
- Ownership of Cromwell Europe Limited
- A 27.8% stake in CEREIT, a Singapore-listed real estate trust
- Ownership of the management arm of CEREIT, based in Singapore
- Partial ownership in the Cromwell Urban Italy Logistics Fund
Following the acquisition, Icona Capital and Stoneweg are set to manage a broad portfolio of assets, with investments spanning residential, logistics, hospitality, office, and leisure sectors across various European countries. Stoneweg will remain the operational hub, overseen by Icona’s founder and CEO, Max-Hervé George, along with Stoneweg’s co-founders, Jaume Sabater and Joaquin Castellvi. Cromwell’s European division, which includes properties across multiple countries, will join forces with Icona Capital and Cromwell Europe to support the combined organization’s goals in the European real estate market.
This collaboration between Icona Capital and Cromwell Europe brings together complementary expertise from both entities, aiming to create a well-rounded approach to European real estate. Icona Capital’s experience in alternative investments will align with Cromwell Europe’s background in real estate management, offering a diverse portfolio across commercial, residential, and mixed-use sectors. The partnership is expected to broaden their market presence and provide opportunities for growth within Europe’s evolving real estate landscape.
Max-Hervé George expressed excitement about this pivotal partnership, noting that Icona joined Stoneweg as a strategic investor in 2022 with a vision to establish a global real estate leader. He emphasized the transformative potential of this deal in strengthening Icona’s and Stoneweg’s market presence and advancing their partnership goals.
Max Hervé-George, CEO of Icona Capital, was quoted saying “Icona Capital is thrilled to be part of this transformative deal. This transaction will create a real estate powerhouse in Europe, combining our strategic advantages into a unified platform. I could not be more thrilled and look forward to this strategic partnership growing in the future.”
The merger, pending regulatory approval from the Monetary Authority of Singapore and Luxembourg’s financial regulator, as well as debt change of control clearances, is expected to conclude in the coming months. Swiss Bank and CBH Compagnie Bancaire Helvétique SA, a Stoneweg shareholder, served as financial advisors for the transaction.
Stoneweg, a Geneva-based real estate investment and advisory firm founded in 2015, specializes in identifying market opportunities, structuring investment products, and managing dedicated mandates in Europe and the US. With over €5 billion invested across residential, commercial, logistics, and hospitality sectors, Stoneweg leverages local market expertise through dedicated regional teams to ensure an adaptable approach to international real estate opportunities.
Icona Capital Group, founded by Max-Hervé George, operates across several sectors, including data centers, real estate, credit, and finance, with more than €2.5 billion in assets under management. Driven by meticulous research and deep market insight, Icona Capital’s investment strategies cover a broad European footprint, allowing it to capitalize on diverse opportunities through a highly skilled and coordinated team.
Published by: Nelly Chavez
