Gemswell Surf Madrid, the future artificial wave lagoon for surfing to be developed within Atlético de Madrid’s “Ciudad del Deporte”, has secured its financing, closing the capital required for its construction.
The project, with a total investment exceeding €60 million, marks a decisive milestone in the development of this sports and leisure infrastructure, which aims to become a European benchmark for sustainable tourism and urban regeneration. The facility is scheduled to open in spring 2027.
The financial structure combines bank debt, institutional funding, and equity provided by the project partners. Specifically, the project will benefit from a syndicated loan, split 50/50 between Banco Santander and BBVA, with Banco Santander acting as both Arranger and Facility Agent. In addition, the financing package includes a €15.7 million subordinated loan sourced from European funds provided by Buenavista NextGen Urbano.
Buenavista NextGen Urbano is the vehicle managed by Buenavista Infrastructure and designated by the European Investment Bank (EIB) to channel part of the resources from the Regional Resilience Fund, which forms part of Spain’s Recovery, Transformation and Resilience Plan and is financed by NextGeneration EU. These funds are aimed at supporting economically viable projects related to affordable housing, urban development and sustainable tourism in Spain.
Buenavista’s support, within this European financial framework, enhances the institutional profile of the project and underscores its alignment with sustainability objectives and economic development goals.
The completion of the financing thus consolidates the financial and institutional backing of Gemswell Surf Madrid, a project 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, stated: “The completion of this financing marks a decisive milestone for Gemswell Surf Madrid and demonstrates the confidence shown by leading financial institutions, as well as the support of European institutional investors, in our development model. This transaction secures the final phase of the Madrid project and strengthens our strategy to consolidate Gemswell as a European platform for surf parks in strategic locations, delivering innovative, world-class sports infrastructure, aligned with sustainability criteria and urban regeneration.”
Victoriano López-Pinto, Managing Partner at Buenavista Infrastructure, commented: “We are delighted to support Gemswell Surf Madrid with financing through our Buenavista NextGen Urbano fund, given its contribution to the creation of a distinctive and unique new piece of urban infrastructure, developed under a municipal concession. This will provide access to entirely sports and leisure activities in Madrid, formerly absent in the region, following the successful trend set by other countries. This transaction represents a further investment from our fund, which channels resources financed by the NextGeneration EU programme into projects focused on affordable housing, urban regeneration and sustainable tourism.”
“Ciudad del Deporte”: a transformative project
“Ciudad del Deporte” is the urban development initiative surrounding the iconic Riyadh Air Metropolitano Stadium. Designed to achieve a positive impact with a sustainable and innovative approach, it stands as one of the strategic hubs driving the transformation of Madrid’s northeastern corridor. Centred around sport, the project dedicates over 265,000 square metres to sports facilities, within a total area of 1,140,000 square metres, including approximately 380,000 square metres of green spaces.
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 concurrent surfers and programmes tailored to all abilities and audiences.
Equipped with the most advanced wave-generation technology developed by Wavegarden, the facility will be able to produce more than 20 different types of waves, reaching up to two metres high, providing ideal conditions both for beginners and experienced surfers looking to hone their technique.
The complex will also comprise 3,000 m² of food and beverage outlets, 500 m² of specialist retail, a surf school, and dedicated spaces for corporate events and experiential activities. The development is expected to attract around 500,000 visitors annually and create over 100 direct jobs.
Stoneweg InfraSports pursues a strategy of investing in, developing and managing sports infrastructure, currently focused on surf parks in European urban locations with large populations and limited access to consistent natural surf. In addition to the Madrid project, the platform has a second facility under development in Birmingham (UK), with both sites operated by Gemswell Ventures.
Sustainability
The park is being designed to BREEAM “Very Good” standards, with a strong focus on minimising environmental impact throughout its entire lifecycle.
The project incorporates renewable energy systems, optimised energy consumption, and advanced solutions for efficient water management, including rainwater reuse. It also provides for the creation of green areas designed to encourage biodiversity and ensure the landscape is integrated harmoniously into its surroundings.
Advisors
For Buenavista Equity Partners: EY (legal)
About Stoneweg (www.stoneweg.com)
Stoneweg is a global alternative investment group specialising in real estate. Headquartered in Geneva, Switzerland, it is part of the SWI Group.
Founded in 2015 by a team of seasoned investment professionals, Stoneweg has expanded its platform and capabilities both organically—through joint ventures—and by means of strategic acquisitions, reaching approximately €11 billion(1) in assets under management (AUM).
Stoneweg is a trusted capital partner and investment manager for a broad range of global and local investors, capital providers and banks. The Group has a strong track record of creating value across a variety of structures, including club deals, joint ventures and co-investments.
Stoneweg draws on local operational 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 in 23 offices across 17 countries in Europe, the United States, and Singapore.
(1) Figures as of June 2025, including Iteream.
About Teras Capital (www.teras.capital)
Teras Capital is an investment firm based in Madrid, specialising in the identification, management and development of differentiated opportunities in the telecommunications and sports infrastructure sectors.
Teras Capital invests in both greenfield and brownfield infrastructure projects. Its exclusive agreements enable partnerships with leading institutional investors for the financing and execution of unique projects.
About Buenavista Equity Partners (www.buenavistaequity.com)
Buenavista Equity Partners is an independent management firm founded in 1996, operating in the middle-market segment. It currently manages over €1.3 billion through various Private Equity, Infrastructure, and Venture Capital vehicles.
Buenavista Infrastructure is the division of Buenavista Equity Partners that specialises in managing infrastructure assets, with €450 million in assets under management. Its Financial Instruments team has an extensive track record, having managed funds from European institutions focused on sustainable urban development and energy efficiency projects since 2011, under the designation of the EIB.
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