I
cona Capital, a leading alternative investment company, has entered into a binding agreement with Cromwell Property Group to acquire their European fund management platform and associated co-investments via Stoneweg. The deal totals €280 million and includes the acquisition of:
* 100% interest in Cromwell Europe Limited
* 27.8% 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
The enlarged group will be led by Icona's founder and CEO, Max-Hervé George, along with Stoneweg's co-founders Jaume Sabater and Joaquin Castellvi. The combined platform will manage €8 billion in assets across 15 European countries, providing equity and debt investment and development expertise in various sectors.
The transaction will create a leading European real estate business, combining the strengths of both Icona Capital and Cromwell Europe. Max-Hervé George commented: "This transformational transaction lays the foundation for both Icona and Stoneweg to achieve our goal of becoming a leading global real estate player."
Stoneweg Founder Jaume Sabater added: "This milestone creates a pan-European real estate asset management platform of scale, bringing together two highly complementary businesses with a shared conviction in the compelling drivers underpinning select real estate asset classes in Europe."
The transaction is subject to customary closing conditions and adjustments, including approval by regulatory bodies. Completion is expected in the forthcoming months.
With this deal, Icona Capital's founder Max-Hervé George will lead the enlarged group, along with Stoneweg's co-founders Jaume Sabater and Joaquin Castellvi. The combined platform will manage €8 billion in assets across 15 European countries, providing equity and debt investment and development expertise in various sectors.
The transaction is expected to drive Icona Capital's transformation into a leading global real estate player, combining the strengths of both companies.
