Gemswell — Other · €60M

Gemswell Surf Madrid closed a financing package of more than €60M to build its 23,000 m2 Wavegarden-powered surf lagoon inside Atletico de Madrid's Ciudad del Deporte, opening spring 2027. The structure combines a syndicated bank loan taken 50/50 by Banco Santander (coordinator and agent) and BBVA, an approximately €15.7M participative/subordinated loan from EU NextGenerationEU funds channelled through the Buenavista NextGen Urbano vehicle, and equity contributed by the project's sponsors Stoneweg InfraSports (the Stoneweg + Teras Capital JV) and Atletico de Madrid; classified as Other because it is a project-finance package rather than a venture-ladder round, and no investor was described as leading it. Reported project cost including the wider concert arena, hotel and dining phases has since been quoted above €350M, and some English-language coverage cites the round as about $70M.