A new partnership, between Stoneweg and Teras Capital, created to invest in man-made urban surf destinations across Europe has acquired a site in the West Midlands in England for the development of UK’s largest wave park.
Stoneweg InfraSport has acquired the former Emerge Surf development site in Coleshill, Birmingham, from IM Properties, have committed £50m (€58.6m) to develop the wave park project, due to be completed by the end of 2025.
The deal represents Swiss-headquartered global real estate manager Stoneweg’s first investment in the UK.
The Birmingham wave park is the second being developed by Stoneweg InfraSport, following the launch of a wave park in Madrid last year, in partnership with Atlético de Madrid.
Stoneweg InfraSport is currently undergoing feasibility studies for what would be its third wave park development, in Malaga, on the Costa del Sol.
Jaume Sabater, CEO of Stoneweg, said: “This project will see Stoneweg combine its real estate expertise and commitment to social impact through the delivery of a ground-breaking new development that brings one of the world’s most popular sports to the UK’s second-largest metropolitan area.
“We are also excited to have closed our first investment in the UK, one of Europe’s key real estate markets and one which has witnessed a strong post-COVID bounce back in demand for leisure activity.”
Miguel de Lucas, managing partner at Teras Capital, said: “We are excited to be leading this project, the second Stoneweg InfraSport investment. This new wave park in Birmingham represents our commitment to fuse sport and leisure, offering an innovative experience in what is the second-largest metropolitan area in the UK.
“This project will not only provide access to urban surfing for millions of people but will also become an international benchmark in terms of the facilities and entertainment offering for visitors.”
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