ROCKSTONE Ethiopia, a German based company, has invested one billion Birr to building KEFITA, a G+20 exclusive apartment building with hotel-like amenities off Embassy Row in the Signal district of Addis Ababa.
The construction of the apartment is set to be completed by mid 2023, the company officials said at the launching of the project. ‘KEFITA’, an Amharic name meaning ‘heights’, neatly sums up ROCKSTONE’S intentions. Premier German real estate developer, ROCKSTONE Real Estate, and local partner, BIGAR Builders and Developers, are delighted to award the construction contract to HuaHong Construction PLC to build a G+20 (21 story) apartment building off Embassy Row in Signal, Addis Ababa.
With an astounding initial investment of One Billion Birr, KEFITA, ROCKSTONE’s first real estate project in Ethiopia, will be chock-full of technological and environmental advancements. The design and architecture of the project is led by an award-winning European architect, with guidance and consulting provided by local advisors; the building will be distinctly Ethiopian and clearly designed for the environment in which it stands.
According to the CEO & Founder of ROCKSTONE Real Estate, Mr. Dietrich E. Rogge, the company looks forward to sharing its international building expertise and unique approach with local talents. As KEFITA stands for the future of Addis Ababa, the first investment is the beginning of a long and fruitful partnership between ROCKSTONE and the people of Ethiopia. Mr. Rogge commented: “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. Benjam Vetterli, Head of ROCKSTONE Ethiopia, added: “Rockstone is here for the long run; we have therefore set up a unique organisation 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.”
KEFITA is on track to be completed in mid 2023 and will deliver one hundred beautifully-crafted apartments, designed specifically to suit Addis Ababa’s unique microclimate, with a building façade inspired by Ethiopian fabrics and all aspects of design meticulously detailed to serve the needs of discerning international and local residents.
ROCKSTONE Real Estate is full-service real estate developer and investment manager, with offices in Germany, Spain and Portugal as well as Ethiopia. It has carefully chosen Ethiopia as its first office in Africa, entering the market in 2019. Its focus is on high-end residential and commercial real estate projects, with a typical project size of $25-75 million, in prime CBD or residential locations, providing professional services, modern designs and sustainable construction qualities. Currently developing projects worth $500 million, ROCKSTONE combines real estate know-how with its own 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 of over 40 years practicing in the fields of architecture, engineering, urban design and project management. The team is dedicated to facilitating efficient design and implementation processes in the construction industry. High priority is given to teamwork, dialogue, debate and research aimed at transforming, and in some instances preserving, the built environment.
Since inception BIGAR has been responsible for large scale developments in both private and public sectors, as well as for the diplomatic community in Ethiopia. BIGAR has designed, and managed projects ranging from $5 to $50 million. BIGAR is also keen on restoration projects and has overseen the restoration of several notable buildings in Addis Ababa and in other locations around the country.
Cerberus Capital Management is a global company in alternative investing with approximately $42 billion in assets across complementary real estate, credit, and private equity platforms. Cerberus has invested approximately $29 billion of equity in more than 575 transactions around the world,
making it one of the world’s largest global real estate investors. Cerberus Frontier (formerly SGI Frontier Capital) is Ethiopia’s first private equity fund.