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5 days ago
LONDON, Nov. 29, 2024 (GLOBE NEWSWIRE) -- Icona 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, a real estate manager, which totals up to €3.9 billion of real estate assets under management, for a total consideration of €280 million, this includes:
- 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 led by Icona's founder and current CEO, Max-Hervé George (Stoneweg Strategic Shareholder), Stoneweg's co-founders, Jaume Sabater (CEO) and Joaquin Castellvi (Head of Acquisitions) will manage €8 billion in assets, providing equity and debt investment and development expertise in the residential, light industrial, logistics, hospitality, office, and cultural and leisure sectors across 15 European countries. The combined platform will continue to operate as Stoneweg.
In total, across a mix of core, core+ and value-add funds and mandates, Cromwell's European platform comprises over 160 assets and 1,600 tenants, with 14 local offices in 12 European countries.
This transformational transaction will build on the strengths and strong track records of both Icona Capital ...
