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
The combined platform will continue to operate as Stoneweg. The enlarged group will manage c. €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.
Source: europe-re.com on the 24th of May, 2024
https://europe-re.com/stoneweg-to-acquire-cromwell-s-3-9b-european-platform/73055