Rule 01
Buy at a price that survives a downturn.
Every acquisition is stress-tested against a meaningful drawdown in rents and cap-rate expansion. If it does not work in that scenario, we do not write the cheque.
Twenty-five years of buildings in the UK. Now extending into Southern Europe.
R State Group is the Southern Europe platform of a privately held real estate house with two and a half decades of operating history across London and the United Kingdom. We have spent that time acquiring, developing, restoring, and managing residential and mixed-use buildings — Georgian terraces, Victorian and Edwardian fabric, listed buildings in conservation areas — and we are now bringing that practice to Spain and Italy.
02 / Who we are
A house built over a quarter of a century — now opening a second front.
The firm has its origins in London in 2000. Since then, the principals have acquired, developed, restored, and managed residential and mixed-use buildings in London and select UK cities — through several full market cycles, and always with the firm's own capital alongside that of long-standing partners.
R State Group is the Southern Europe extension of that practice. A senior partner is relocating to lead the platform from Spain; the London office continues to anchor the firm. Decision-making is concentrated, transparent, and accountable — principals are present in every transaction.
We are deliberately mid-sized. Large enough to execute institutionally; small enough that every project receives the attention of a senior partner. We disclose deal-level information privately, to qualified counterparties, rather than on a public site — a discretion that has served the firm and its partners over two and a half decades.
03 / Principles
Five rules we will not negotiate.
Rule 02
Restore the building before you reinvent it.
Existing fabric, where it is sound, almost always beats the carbon and capital cost of replacement. We work with what is there.
Rule 03
Hire architects we are willing to argue with.
A building should be considered, not styled. We work with practices whose taste we trust enough to disagree with productively.
Rule 04
Manage every asset as if we will hold it forever.
An asset under our care is maintained to a residual standard, not a marketing standard. Tenants and buyers feel the difference.
Rule 05
Sell when the building is ready for its next chapter, not when a fund clock runs out.
A sale is a decision, not a deadline. We sell when the building has reached the standard we set for it — when the work is done — and only when the next owner is the right one. We are not on a fund clock.
04 / Leadership
Principals.
Founding Partner
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Investments & Capital Markets · London
Partner
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Development & Construction · London
Partner
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Southern Europe Platform · Madrid
Director
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Acquisitions Iberia & Italy · Madrid
05 / Method
Acquire · restore · develop · manage.
| 01 — Source | We work directly with owners, family offices, and local partners in our target cities. Off-market sourcing is the rule, not the exception. |
|---|---|
| 02 — Underwrite | Every asset is underwritten by a principal. We model the building, the street, and the cycle, and walk away from anything that does not survive a stress case. |
| 03 — Acquire | We acquire with our own capital alongside aligned co-investors. Decisions are concentrated, transparent, and accountable. |
| 04 — Restore or develop | We restore historic buildings to a long-hold standard, and develop new buildings as if we were going to own them forever — because we usually do. |
| 05 — Hold and manage | We manage what we own. Asset management, leasing, and tenant relationships sit inside the firm, not at a sub-contractor. |