Rockstone Real Estate continues to make strides in the Spanish market with the purchase, together with the Mexican group BeGrand, of the property located at 42 Santa Engracia Street, in Madrid's sought-after Chamberí neighbourhood.
The building, on sale since February, was acquired by Grupo Emerige in 2019 (the year in which they also obtained the building permit) for an amount that is unknown but could reach a price between 12 and 15 million. At that time, the rehabilitation of the building was planned to develop 23 luxury homes but, for various reasons such as the high construction costs, the project came to a standstill.
The refurbishment of the building includes the construction of the housing complex, 22 parking spaces with car lifts, an air-conditioned room on the ground floor equipped with 23 personal wine cellars and a communal swimming pool on the roof terrace.
The strategy of the company, founded in 2013 by Dietrich E. Rogge, is based on assessing the specific needs of each market, that is, thinking globally to act locally according to a long-term plan. Under these premises, the German firm has invested 200 million euros in Spain and Portugal, and its intention is to increase the figure to 400 million in the next 2-3 years.
Since 2019, the firm has started to open new markets internationally and in 2021 opened its first office in Madrid. According to Dietrich E. Rogge, CEO and founder of Rockstone RE, "the company's leadership is based on a strategic vision and positioning in markets such as Africa and Europe, with Spain and Portugal being really important now and in the next 5 years given the properties offered by cities such as Madrid and Lisbon, in line with our standards of maximum uniqueness, and because they offer a lifestyle that attracts people from Brazil, the United States and other countries such as Mexico, both as a residence and of course as an investment".
This new operation in Santa Engracia 42 consolidates Rockstone's commitment to Madrid, which, in Rogge's words, "is more vibrant than ever, and it is this energetic character of the city that attracts investors and really creative profiles who want to take up residence here".