Stoneweg has secured the financing for Gemswell Surf Madrid, a large-scale artificial wave lagoon to be developed within Atletico de Madrid’s Ciudad del Deporte complex. The project will require an investment exceeding €60 million and will be funded through a combination of bank debt, institutional financing and equity from the sponsors.
The financing structure includes a syndicated loan provided equally by Banco Santander and BBVA, with Santander acting as coordinator and agent. In addition, the project will benefit from a €15.7 million participatory loan from Buenavista Infrastructure through the Buenavista NextGen Urbano fund.
The vehicle has been appointed by the European Investment Bank to channel part of the Regional Resilience Fund under Spain’s Recovery, Transformation and Resilience Plan, supporting economically viable projects linked to affordable housing, urban regeneration and sustainable tourism.
The development will form part of the wider Ciudad del Deporte scheme surrounding the Riyadh Air Metropolitano stadium, a 1.14 million sqm sports and leisure district in Madrid. The surf lagoon itself will cover around 23,000 sqm and will be able to accommodate up to 120 surfers simultaneously, generating more than 20 types of waves reaching heights of up to two metres.
In addition to the lagoon, the complex will feature approximately 3,000 sqm of food and beverage space, 500 sqm of specialised retail, a surf school and areas for corporate events. The promoters expect the facility to attract around 500,000 visitors annually and generate more than 100 direct jobs, with opening scheduled for spring 2027. Stoneweg’s infrastructure sports platform is also developing a similar project in Birmingham, both to be operated by Gemswell Ventures.
