Admara Capital brings together Rockstone and LaFinca as investors for a luxury residential project in the centre of Madrid
The Rockstone fund lands in Spain. It is a firm created by a German family office that, since its creation, has achieved a portfolio valued at 500 million euros. Its intention in the short term is to double this figure.
The German fund Rockstone Real Estate has created a joint venture with the La Finca Group, called Rockstone Admara Capital Ibérica, to develop luxury projects in the center of Madrid.
Its first project will be Virgen de los Peligros 9. It is a building very close to Centro Canalejas, between Calle Alcalá and Calle Gran Vía, which will be fully renovated. Once the renovation is finished, the homes will be sold individually, for over one million euros, raising the valuation of the project to over 20 million. The new homes can be delivered in the second quarter of 2023.
The operation has been advised by the law firms Pinsent Manson and Roca Junyent. The asset will be managed by the management and investment platform Admara Capital.
