Residential
Build-to-sell residential developments.
Real estate investment · Luxembourg
From stone
to capital.
A Luxembourg-based real estate investment fund for family offices and professional investors, focused on residential and commercial assets in Luxembourg.
For professional and well-informed investors only
Key facts
Vehicle
Real estate investment fund
Luxembourg SICAV-RAIF
Investors
Professional & well-informed
Markets
Luxembourg
our home market
Assets
Residential & commercial
income and value-add
Horizon
7 years
fund duration
About Stone2Cap
A Luxembourg fund, designed for family offices.
Stone2Cap is a Luxembourg-based real estate investment fund designed specifically for family offices in search of sophisticated, tailored solutions.
Led by a dedicated local team, we blend the expertise of a respected Luxembourg contractor with the experience of skilled asset, development and fund managers, alongside property and rental management specialists, with a focus on long-term returns.
The proposition
Real assets. Long-term value.
Stone2Cap offers a straightforward, efficient way to invest in Luxembourg’s thriving real estate market. Combining the know-how of experienced professionals in development, fund and asset management, we strive to provide diversified exposure, intensive asset management initiatives and efficient capital structures to enhance returns.
Investment strategy
Residential and office, in Luxembourg.
We capitalise on current market conditions by focusing on two strategies.
Office
Office assets where active asset management can unlock rental upside.
Investment process
How we invest.
We combine development know-how with asset, financing and fund management skills, striving for sustainable long-term returns.
Step 1: Source
We source opportunities through our network, with exclusive access to established Luxembourg families and investors.
Step 2: Develop
Deep knowledge of development management, construction costs, ESG objectives and the latest regulations, applied to every asset.
Step 3: Manage
Asset and fund managers work alongside property and rental management specialists, from acquisition to exit.
Where we invest
A market we know
from the inside.
Luxembourg is the home market of Stone2Cap’s founders: four generations of family presence in local real estate, and Eaglestone’s developments across the city.
- 690,959
- inhabitants on 1 January 2026, up 1.3% in one year
- STATEC, May 2026
- ~1 million
- inhabitants projected by 2070, from 944,000 to 1,067,000 depending on the scenario
- STATEC, May 2026
- 3.6%
- office vacancy rate in Luxembourg, end of June 2026
- JLL, July 2026
- €55
- per sqm per month, record prime office rent in the CBD
- JLL, July 2026
Cloche d’Or
The Nest
Office project in development.
Brooklyn district
The Bridge
Office project in development.
Projects developed by Eaglestone in Luxembourg, shown as references of the founders’ groups. They are not assets of the fund.
ESG
ESG and SFDR.
Stone2Cap is classified under Article 6 of the EU Sustainable Finance Disclosure Regulation (SFDR).
ESG objectives are part of development management on every asset, alongside construction costs and the latest regulations.
[ESG approach to be confirmed with Pure Capital]
Fund structure & governance
A Luxembourg RAIF for well-informed investors.
Stone2Cap is a Luxembourg reserved alternative investment fund (SICAV-RAIF), open to well-informed investors only.
- Domicile
- Luxembourg
- General partner
- Stone2Cap GP
- Legal form
- SICAV-RAIF
- AIFM
- Pure Capital
- SFDR classification
- Article 6
- Depositary
- Banque de Luxembourg
- Auditor
- Mazars
- Fund administrator
- [en attente]
- Investor reporting
- [à compléter]
The team
Historical insight, passed down through generations. Forward-thinking strategy.
Tom WagnerCo-founder
COO of the Wagner Group, a Luxembourg-based group active in real estate development, construction and facility management. With four generations of family involvement in Luxembourg real estate, Tom brings deep market knowledge and a broad local network.
Nicolas OrtsCo-founder
Co-CEO of Eaglestone Group, a real estate developer founded in 2012 and active in Belgium, Luxembourg and France, with more than 60 projects in 38 cities. Through Eaglestone Equity Partners, the group also structures funds and co-investments with private investors.
Shanu SherwaniCo-founder
Chief Investment Officer of Kneip Management, a Luxembourg family office, and Partner at Antwort Capital. Shanu brings deep private equity and family office expertise, and writes regularly on private markets and investment strategy for Paperjam and Agefi Luxembourg.
BdP
Bernard du PlessisDirector
Director of Stone2Cap and CEO of Eaglestone Luxembourg. A real estate professional with more than 15 years of pan-European experience, skilled in development, investment, asset and fund management. After starting his career at Covivio in Paris, Bernard managed real estate funds at Shaftesbury Asset Management and Radian Investment Management from Luxembourg.