The powerful Lehman Brothers investment bank has joined the shareholder structure of Adama real estate development company by taking over 6.9 million shares accounting for a 5% stake in the firm, in the wake of a deal worth 16m euros. "We've sealed a strategic partnership with one of the world's most important financial groups, and the money we got will be used for future acquisitions and to develop the company's portfolio," David Flusberg, chairman and founder of Adama, told ZF. In the wake of the deal, the market value of the company now revolves around 310m euros. Adama is one of the most important real estate developers present on the domestic market. "We have various projects in different stages of development totalling 10,000 housing units, with a focus on the domestic market. In fact, 28 of the 35 projects we are developing are in Romania. The overall value of these projects exceeds one billion euros," added Flusberg. He specified the remaining investments were operated in Moldova, Ukraine, Turkey and Croatia. The main shareholder in Adama is Tiger Global US fund, which entered the domestic IT market by taking over the majority stake in Neogen, the owner of the web portal that boasts the biggest number of users in Romania.
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