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Immofinanz pays around 50m euros for Adama

Autor: Cristi Moga

10.04.2011, 23:55 27

Austria's Immofinanz investment fund, the biggest foreigninvestor on the Romanian real estate market, is close to entirelytaking over Adama real estate developer, in which it currently owns30%, in the wake of a deal valued at around 50m euros.

The Austrians would thus drive out from Adama's shareholderstructure Morgan Stanley, Lehman Brothers and Tiger Globalinvestment funds, as well as the company's founders, DavidFlusberg, Dvir Cohen-Hoshen and Isaac Cohen-Hoshen, with the dealbeing part of Immofinanz's portfolio "cleaning" process carried outthe past two years, since the Austrians have been entirelyacquiring the projects part of domestic partnerships.

Acquisition talks started back in 2009, but the due diligenceprocess was launched around six months ago, and the deal is likelyto be completed in the following weeks.

Adama finalised around 1,600 apartments on the domestic market,being the foreign investor boasting the highest number of builthomes, from which it has around 600 units still available, as wellas 36 hectares of land for future projects.

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