New Stoneweg Icona Capital platform completes acquisition of Cromwell’s European platform

Common platform doubles real estate AUM to more than €8 billion, comprising equity and debt investments in the European and US Living, light industrial, logistics, hospitality, office, and cultural and leisure sectors, employing over 300 professionals in 25 offices.
Integration is expected to be complete during 2025.
Acquisition provides scale and product diversification and forms part of Icona Capital and Stoneweg’s strategy to be a leading alternative platform.

Geneva, London, Luxembourg, 24 December 2024 – Further to the announcement on 23 May 2024, alternative investment group Icona Capital and Stoneweg, the real estate investment group, are pleased to announce that they have completed the transformational acquisition of Cromwell Property Group’s European fund management platform and associated co-investments, including 27.8% of Cromwell European REIT, which totals €3.9 billion of real estate assets under management, for a total consideration of €280 million.

The new venture will control ca. €8 billion of assets, providing equity and debt investment and development expertise in technology and infrastructure, special situations, living, light industrial, logistics, hospitality, office, as well as cultural and leisure sectors. It will be led:  

For Icona Capital, by Max-Hervé George, Icona Capital founder, Chairman and Stoneweg strategic shareholder; and
For Stoneweg, by Jaume Sabater and Joaquin Castellvi, Stoneweg co-founders

While Icona, already present in Singapore through its holding company, reinforces its presence in Asia, both groups extend their reach into a number of Europe’s most established and liquid markets, including Germany, France, the UK and the Nordics.

Swiss Bank CBH Compagnie Bancaire Helvétique SA participated actively in the transaction as strategic Financial Advisor to the buyer, and has been a key component in the success of the operation.

Engelwood was acting as strategic advisor in the transaction while Engelwood Asset Management SA is acting as alternative investment fund manager (AIFM) for the investment platform.

Executing this transaction during a volatile, albeit improving, macroeconomic backdrop, is a phenomenal achievement, and demonstrates both our dealmaking expertise and ambitions. We recognise that scale is key to attracting the increasingly diverse pools of capital seeking exposure to private assets, and are actively exploring further acquisitions that will complement our existing offering, and position our newly formed venture as a genuinely differentiated market participant.

Jaume Sabater

Co-Founder and CEO of Stoneweg

This is a great step towards our ambition to build a major institutional platform, and the logical and natural next move following our entry into Stoneweg’s capital With this acquisition, we are leveraging on Icona and Stoneweg complementarity and we are expanding our exposure to new sectors and geographies that will form a key part of our multi-asset offering. With the economic picture showing signs of improvement, 2025 has the potential to be a great vintage and there is no doubt our growth will be exponential over the next decade.

Max-Hervé George

Founder and CEO of Icona Capital

Under the terms of the transaction, the common platform has acquired Cromwell’s:

100% interest in Cromwell Europe Limited, which manages a € 3.8 billion, 2.8 million sqm portfolio (as of June 24) of primarily logistics and office assets across Europe, on behalf of a number of capital partners
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; and
50% interest in the Cromwell Urban Italy Logistics Fund.

About SWI Group

SWI Group is redefining institutional investment by creating lasting impact through innovation, synergy, and strategic expertise. As a global investment powerhouse born from the merger of Stoneweg and Icona Capital, we oversee two leading divisions—Stoneweg Real Assets and Icona Alternatives—delivering best-in-class investment solutions.

Our mission is to drive sustainable growth, resilience, and long-term value across markets, empowering businesses and communities alike. With an unwavering commitment to excellence, sustainability, and transformative partnerships, SWI Group is shaping the future of investment, setting new standards for enduring success.

To learn more about our work, please visit www.swigroup.com/portfolio.

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