The Rockstone fund has touched down in Spain. The firm was created by a German family office that has built up a portfolio valued at 500 million euros since its creation. It’s looking to double that figure in the short term.
The German fund Rockstone Real Estate has created a joint venture with Grupo La Finca, called Rockstone Admara Capital Ibérica, to develop luxury projects in the centre of Madrid.
Its first project will be Virgen de los Peligros 9. The building is located close to Centro Canalejas, between Calle Alcalá and Calle Gran Vía, which will be fully refurbished. Once the refurbishment has been completed, the homes will be sold individually, for over one million euros, raising the project’s valuation to over 20 million euros. The new homes are forecast for delivery during the second quarter of 2023.
Pinsent Manson and Roca Junyent advised on the transaction, while the asset will be managed by the management and investment platform Admara Capital.