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 announced the signing of partnerships with several developers for shopping centres in Brasov, Targu Mures, Sibiu and Glina, near Bucharest.
The Austrians were also very active early this year, when they bought several large projects, including Polus Center Constanta (185 million euros), S-Park (more than 100 million euros) and Victoria Park (60 million euros).
On the other hand, the company intends to develop a network of smaller shopping centres, named STOP.SHOP, in the new European Union member states, as well as on other markets such as Ukraine.
The projects should consist of approximately 100 malls ranging from 5,000 to 15,000 square metres, in cities with a population of 30,000 to 150,000 people.
Romania should remain the main target of the company's investments over the next few years, considering that Immoeast has budgeted investments in developments and acquisitions worth 636 million euros in this country, for the January 2008-December 2010 period.
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