Austrian investment fund Immoeast, the most active player on the domestic real estate market, has reached a partnership with real estate developer Adama, whereby it will contribute 60 million euros to the share capital of this company.
Adama's portfolio includes more than 8,000 apartments and 50,000 square metres of office and retail space in various stages of planning and execution.
"The deal, which values Adama's current portfolio and operating platform at more than 180 million euros, gives Immoeast a 25% stake in the company," reveals information Adama representatives provided to ZF.
Most of the money comes in form of a capital increase in view of new investments, while a small share comes from the existing shareholders.
Adama's current shareholders include New York-based firm Tiger Global Management, private American investment trust RomRe (owned by the Jesselson family) and the company's management and founding shareholders, according to the same sources.
To date, Adama has invested in development projects worth over 600 million euros in total investment size, concentrated in Bucharest and Ploiesti, but also in other cities such as Bacau, Brasov and Iasi.
Other than Romania, projects in neighbouring Ukraine, Moldova and Turkey are already in the pipeline.
Austrian funds and Immoeast in particular have turned out to be the most active investors on the real estate market in Romania. This way, Romania has become the country where Immoeast makes the largest share of its investments, more than 1.4 billion euros, or 19.5% of the total value of investments.
The total lettable area of the projects in Romania exceeds 2 million square metres, or 26.4% of the entire portfolio of the company.
The company now totals 39 properties in Romania, compared with only 10 properties at the end of April 2006.
Immoeast has ann
