German Real Estate Firm, Rockstone, enters Ethiopia Construction Market
ROCKSTONE Ethiopia, a German-based company, has invested one billion Birr (US$25.4 million) in the construction of a G+20 exclusive apartment building in Addis Ababa, the capital city of Ethiopia.
KEFITA, the G+20 exclusive apartment building, has hotel-like amenities off Embassy Row in the Signal district of Addis Ababa. KEFITA is an Amharic name meaning ‘heights.’
ROCKSTONE is developing KEFITA in collaboration with its local Ethiopian partner, design and build consultancy BIGAR builders and developers.
KEFITA is full of environmental and technological advancements, with the design and architecture being led by Urko Sanchez, an award-winning European architect with offices in Madrid, Spain and also in Nairobi and Mombassa, Kenya. Local advisors will provide consultancy and guidance, and the building will be distinctly Ethiopian and designed for the country’s environment.
KEFITA will deliver one hundred beautifully-crafted apartments explicitly designed to suit Addis Ababa’s unique micro-climate by mid-2023. The design includes a building façade inspired by Ethiopian fabrics. All aspects of the design are detailed to serve the needs of local residents and discerning internationals.
The contract for construction of the KEFITA development was awarded to Chinese contractor HuaHong Construction PLC. Construction is scheduled to be completed in 2023.
According to Mr. Dietrich E. Rogge, CEO and Founder of ROCKSTONE Real Estate, the company is eager to share its international expertise and unique approach with the local talents for the project’s success. This first investment is meant to mark a long and fruitful partnership between the German-based company and the Ethiopian market.
Mr. Dietrich stated, “KEFITA combines international design and building standards, quality amenities and parking, all of which is professionally managed and will be run with German precision, delivering hotel-like services. The project is the first Ethiopian residential building in the process of obtaining the green building certification, EDGE.”
Mr. Benjamin Vetterli, the Head of ROCKSTONE Ethiopia, added, “We work closely with local and international partners and are backed by foreign investors, which strengthens our confidence about the successful outcome of the project and that the building will inspire similar projects in the future and change the face of Addis Ababa.
“Rockstone is here for the long run; we have therefore set up a unique organization structure revolving around internationality and multi-disciplinarity to overcome best local challenges – such as material supply and foreign-currency shortages. Furthermore, we work closely with local and international partners and are backed by foreign investors, which strengthens our confidence about the successful outcome of the project and that the building will inspire similar projects in the future and change the face of Addis Ababa.”
ROCKSTONE Real Estate is a full-service real estate developer and investment manager with offices in Germany, Portugal, Spain, and now Ethiopia. The company strategically chose Ethiopia as its first office in Africa when it entered the African market in 2019. ROCKSTONE mainly focuses on high-end residential and commercial real estate projects.
Most of its projects have ranged from $25 to $75 million in prime CBD or residential locations, providing professional services, modern designs, and sustainable construction qualities. The company now develops projects with $500 million and above and combines real estate wisdom with its principal capital and active real estate management.
BIGAR builders and developers was formed by four partners in 2012 in Addis Ababa, Ethiopia, with a cumulative experience over 40 years practicing in fields of architecture, engineering, urban design and project management. The company was set up with an emphasis on transforming and reshaping the built environment, and is dedicated to make its mark in the contemporary design and construction scene in Ethiopia.
Top Photo: Groundbreaking ceremony for construction of the KEFITA G+20 apartment building in Addis Ababa (KEFITA | kefita.com)
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