The Austrian group took over 69.22% of Adama Holding in November 2011, in a transaction worth EUR42.43 million, and it became sole shareholder in the developer.
An Adama report notes that the sale contract established Dvir Cohen Hoshen and Isaac Cohen Hoshen would stay on as chief executive officer of Adama Holdings and CEO of Adama Romania respectively, over a one-year interval. Should their contracts be terminated sooner or at the end of their term, each of them receives EUR675,000.
Flusberg left the company as soon as the transaction was complete, and he collected EUR675,000.
Adama was founded in 2005 and so far it has constructed 1,500 apartments. In addition, the company is developing another 10 projects. The company has a portfolio with an overall surface of more than 1.36 million square meters, which will allow the construction of over 40 residential projects.
Aside from Romania, Adama is active in Ukraine, Turkey, Croatia and Moldova. The company is registered in Cyprus.
Immofinanz, one of Romania’s largest realty investors, is one of the top five European realty companies listed, with a portfolio of over 1,600 properties, worth EUR8.4 billion. In Romania, the group holds 50 pieces of property, with an estimated value of EUR900 million.