Immofinanz takes over controlling stake in Romania's real estate developer Adama

Austrian investment fund Immofinanz, with real estate assets of EUR 900 million in Romania, bought for EUR 42.4 million, 69.2 percent of the real estate developer Adama. The companies Lehman Brothers, Morgan Stanley, Tiger Global used to be the developer’s shareholders. Immofinanz already owned 30 percent of Adama since 2007, the negotiations for the full acquisition of the company beginning in 2009. Adama is a foreign developer that has build about 1,500 apartments in Romania, while the portfolio includes 40 other areas for future investments. The real estate developer Adama, has developed apartments Bucharest, but also in another cities in the country, such as Ploiesti, Brasov, Bacau and Iasi, having about 500 unsold homes. Irina Popescu, irina.popescu@romania-insider.com