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Immofinanz Completes Acquisition of Romanian Adama

Published: November 9, 2011; 19:12 · (Vindobona)

The Austrian real estate group has taken full control over the southeastern European housing firm, in which it has held a stake since 2007.

Immofinanz Completes Acquisition of Romanian Adama / Picture: © Immofinanz

Immofinanz has completed the acquisition of the 69.2% stake the group does not already own in residential developer Adama Holding. Immofinanz bought the stake for € 42.4m from US-based hedge fund Tiger Global, Morgan Stanley, Lehman Brothers UK in administration, and founding shareholders. The Austrian group has held an investment in Adama since 2007.

Board Member Daniel Riedl commented on the deal: “We decided in favor of the complete takeover of Adama because the company and its brand name are well established in SEE. Our goals are to integrate the expertise and market know-how of local management into Immofinanz Group and to realize synergies to the greatest extent possible. In our view, Adama is the ideal platform for the Immofinanz expansion in the region, especially in Romania.“

Adama has completed some 1,500 apartments since its founding in 2005, with 10 projects under way. It has a development portfolio of 1.36 million sqm in 40 further projects.