Gemswell Surf Madrid closes its financing with the support of Banco Santander, BBVA, and Buenavista.

Gemswell Surf Madrid, promoted by Stoneweg and Teras Capital, secures financing to develop Europe’s largest artificial surf lagoon

Gemswell Surf Madrid, the future artificial wave lagoon for surfing that will be developed within La Ciudad del Deporte del Atlético de Madrid, has secured its financing, completing the capital required for its construction.

The project, with a total investment exceeding €60 million, represents a decisive milestone for the launch of this sports and leisure infrastructure, which aims to become a European benchmark in sustainable tourism and urban regeneration. Its opening is scheduled for spring 2027.

The financial structure combines bank debt, institutional financing and equity contributed by the partners. Specifically, the project will benefit from a syndicated loan equally participated by Banco Santander and BBVA, with Banco Santander acting as Coordinator and Agent of the financing. It will also include a participative loan of approximately €15.7 million from European funds provided by Buenavista NextGen Urbano.

Buenavista NextGen Urbano is the vehicle managed by Buenavista Infrastructure designated by the European Investment Bank (EIB) to channel part of the resources from the Autonomous Resilience Fund, integrated into Spain’s Recovery, Transformation and Resilience Plan and financed by NextGeneration EU. These funds are intended to support economically viable projects linked to affordable housing, urban development and sustainable tourism in Spain.

Buenavista’s support, within this European financial architecture, reinforces the institutional dimension of the project and its alignment with sustainability and economic development objectives.

The closing of the financing therefore consolidates the financial and institutional backing for Gemswell Surf Madrid, promoted by Stoneweg InfraSports —a joint venture between Stoneweg and Teras Capital— in collaboration with Atlético de Madrid.

Ramón Romero, Managing Director of Stoneweg InfraSports, said:
“The closing of this financing represents a decisive milestone for Gemswell Surf Madrid and confirms the confidence of leading financial institutions as well as the backing of European institutional support for our development model. This transaction strengthens the final stage of the Madrid project and reinforces our strategy to advance the consolidation of Gemswell as a European platform for surf parks in strategic locations, developing innovative, world-class sports infrastructure aligned with sustainability and urban regeneration principles.”

Victoriano López-Pinto, Managing Partner of Buenavista Infrastructure, stated:
“Supporting Gemswell Surf Madrid through financing from our Buenavista NextGen Urbano fund is highly satisfying given its contribution to the creation of a very unique and distinctive urban infrastructure, within the framework of a municipal concession. It will enable access to sports and leisure activities that have not previously existed in the Madrid region, following the successful trend seen in other countries. This transaction represents a new investment by the fund, which channels resources financed by the NextGeneration EU programme aimed at projects in affordable housing, urban regeneration and sustainable tourism.”

La Ciudad del Deporte, a transformative project

La Ciudad del Deporte is the urban development initiative surrounding the iconic Riyadh Air Metropolitano stadium. It is a project with a positive impact and a sustainable, innovative approach that is emerging as one of the strategic hubs for the transformation of Madrid’s northeastern corridor.

The space places sport at its core, with more than 265,000 square metres dedicated to sports activities within a total development area of 1,140,000 square metres, including around 380,000 square metres of green areas.

Europe’s largest surf lagoon

The Madrid facility, operated by Gemswell Ventures, will feature a 23,000 m² surf lagoon — the largest in Europe — with capacity for up to 120 surfers simultaneously and programmes designed for all skill levels and audiences.

Equipped with the most advanced wave-generation technology developed by Wavegarden, the facility will be able to produce more than 20 types of waves of up to two metres in height, offering ideal conditions for both beginners and advanced surfers.

The complex will include 3,000 m² of food and beverage space, 500 m² of specialised retail, a surf school and areas for corporate events and experiential activities. Projections estimate around 500,000 visitors per year and the creation of more than 100 direct jobs.

Stoneweg InfraSports is developing an investment, development and management strategy for sports infrastructure, currently focused on surf parks in European urban locations with high population density and limited access to consistent natural surf. In addition to Madrid, the platform has a second project under development in Birmingham (United Kingdom), both operated by Gemswell Ventures.

Sustainability

The park is designed to meet BREEAM “Very Good” standards, prioritising the reduction of environmental impact throughout its lifecycle.

The project incorporates renewable energy systems, energy consumption optimisation and advanced water management solutions, including rainwater reuse. It also includes the creation of green areas designed to promote biodiversity and landscape integration with the surrounding environment.

Advisors

On behalf of Buenavista Equity Partners: EY (legal)

About Stoneweg 

Stoneweg is a global alternative investment group specialising in real estate, headquartered in Geneva, Switzerland, and part of SWI Group.

Founded in 2015 by a veteran team of investment professionals, Stoneweg has expanded its platform and capabilities both organically, through joint ventures, and through strategic acquisitions, reaching approximately €11 billion(1) in assets under management (AUM).

It is a trusted capital partner and investment manager for a wide range of global and local investors, capital providers and banking institutions. The firm has a strong track record of creating value across a variety of investment structures, including club deals, joint ventures and co-investments.

The group relies on local operating teams to identify, develop and manage real assets and other alternative investments worldwide. With more than 250 employees, Stoneweg has an operational presence and teams across 23 offices in 17 countries in Europe, the United States and Singapore.

(1) Figures as of June 2025, including Iteream.

About Teras Capital 

Teras Capital is an investment firm based in Madrid specialising in the identification, management and development of differentiated transactions in the telecommunications and sports infrastructure sectors.

Teras Capital invests in both greenfield and brownfield infrastructure projects, and its exclusive agreements help generate partnerships with institutional leaders for the financing and execution of unique projects.

About Buenavista Equity Partners

Buenavista Equity Partners is an independent management company founded in 1996 that operates in the middle-market segment. The firm currently manages more than €1.3 billion through different private equity, infrastructure and venture capital vehicles.

Buenavista Infrastructure is the infrastructure asset management division of Buenavista Equity Partners, with €450 million in assets under management. Its Financial Instruments team has an extensive track record managing, since 2011 and by designation of the European Investment Bank, funds from European institutions focused on projects that promote sustainable urban development and energy efficiency.