Table of Contents
Merger Creates a Powerhouse in European Real Estate Investing
Merger of Icona Capital and Stoneweg creates powerhouse in European real estate investing
French entrepreneur Max-Herve George’s SWI Group, formed through the merger of his alternative investment platform, Icona Capital and Stoneweg, a Swiss-based alternative investment group, has established a presence in the European real estate market. The $11 billion investment platform combines the resources of both organisations at a time when European property markets are experiencing changing dynamics.
Favourable Market Timing
Savills, a global property consultant, projects European deal volume will reach €50 billion in Q1 2025. The firm forecasts full-year transactions of €216 billion across European markets.
“Our timing aligns with what we believe is a favourable window in the market cycle, We’ve built this platform specifically to capture opportunities emerging from the current shift in market dynamics.”
Max-Herve George, who chairs SWI Group.
Geographic Focus: Germany, France & the UK
According to Savills’ data, Germany, France, and the UK are expected to be key destinations for real estate investment this year. Their research indicates logistics and residential sectors—both areas where SWI maintains positions—along with prime office buildings in major cities are attracting investor interest as market participants adapt to workplace trends and sustainability standards.
“With our combined expertise in logistics and residential sectors, we’re uniquely positioned to benefit from these market trends,” Max-Herve George pointed out. “Our long-term strategy has always emphasised these sectors, which are now seeing the strongest investor demand.”
Market Dynamics: Vacancy Rates & Rent Growth
The European logistics sector currently shows vacancy rates of approximately 5 per cent across major markets, with limited availability of premium warehouse space in urban-adjacent locations. Similarly, residential vacancy rates in major European cities stand at around 3 per cent, with rent growth outpacing inflation in many markets.
“Our structural advantage comes from combining institutional-scale capital with localised execution capabilities,” Max-Herve George explained. “This allows us to identify opportunities across diverse European markets.”
Dual-Division Structure
SWI operates through two divisions:
- Stoneweg Real Assets
Which focuses on traditional property investments - Icona Alternatives
Which handles private equity and venture capital activities.
The organisation employs 350 professionals across 26 offices in 18 countries, providing market intelligence across multiple European regions.
Landmark Cromwell Acquisition
SWI recently completed a $303 million acquisition of Cromwell Property Group’s European platform, including a 27.8 per cent stake in Cromwell European REIT, expanding the firm’s European holdings.
“This acquisition gives us immediate scale and diversification, It accelerates our ability to implement our investment strategy across multiple markets and property sectors as Europe’s real estate recovery gains traction.”
Max-Herve George, who chairs SWI Group.
A Platform for Institutional Investors
SWI Group offers institutional investors access to European property markets through a platform with significant scale and geographic diversification.
