Sellers include the international US-based hedge fund Tiger Global, Morgan Stanley, Lehman Brothers UK in administration and the founding shareholders, Immofinanz said in a statement.
“From our viewpoint, Adama is the ideal platform for the planned expansion of our residential construction and development activities, above all in Romania,” said Daniel Riedl, member of the Executive Board of Immofinanz Group.
Adama Holding Public Ltd. is a Cypriot holding company whose operating headquarters are located in Bucharest, Romania
The company has completed approximately 1,500 apartments since its founding in 2005, with ten projects currently under construction or realization. Adama has a development portfolio of properties with a total area of over 1,360,000 square meters, which would allow for the realization of more than 40 additional projects.
“Our Romanian portfolio currently includes a number of undeveloped sites in Bucharest. The objective is to create entire city quarters – an interesting challenge that we intend to address with the Adama team as soon as the Romanian economy can provide the necessary environment,” Riedl said.