- Acquisition includes European fund management business and interests in Singapore-listed €2.2 billlion Cromwell European REIT (“CEREIT”) and the Cromwell Urban Italy Logistics Fund
- Operating as Stoneweg, the new entity will have a combined AUM of ca. €8 billion, comprising equity and debt investments in the European residential, light industrial, logistics, hospitality, office, and cultural and leisure sectors, employing over 300 professionals in 25 offices.
Stoneweg has entered into a binding agreement with Cromwell Property Group (“Cromwell”) to acquire Cromwell’s European fund management platform and associated co-investments, which totals €3.9 billion of real estate assets under management, for a total consideration of €280 million, subject to closing adjustments and regulatory approvals.
Under the terms of the transaction, Stoneweg is acquiring Cromwell’s:
- 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; and
- 50% interest in the Cromwell Urban Italy Logistics Fund
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.
The transformational transaction will build on the strengths and strong track records of both Stoneweg and Cromwell Europe to create a leading European real estate business, with diverse and substantial capital relationships and product offerings.
Led by Stoneweg’s co-founders, Jaume Sabater (CEO) and Joaquin Castellvi (Head of Acquisitions) and Icona’s founder, Max-Hervé George (Stoneweg Strategic Shareholder), the combined platform will continue to operate as Stoneweg. The enlarged group will manage ca. €8 billion of 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.
