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Adama to invest over 50 million euros in Romania

Adama Holding Public Ltd., a real estate company, has made a deal to increase its capital by 100 million euros, with more than half of the sum to be invested in Romania.

The deal has been made with the Real Estate Fund for Special Situations of Morgan Stanley, Lehman Brothers investment bank and Immoeast, a real estate investment company based in Vienna. Global co-head of the Real Estate Division of Morgan Stanley John Carrafiel said the growing demand of real estate projects in Romania gives an opportunity to his company to continue to invest in this country. Morgan Stanley holds in Romania shares in Imotrust Arad (5 percent), Romcab (42.87 percent), Bucharest Stock Exchange (indirectly, 4.26 percent) and Monetary-Financial and Commodities Exchange in Sibiu. Adama will build this year six residential complexes in Brasov, center of Romania, Bacau, east, Ploiesti, south, Oradea, west, Arad, west, and Timisoara, west, and an office building in Pipera neighbourhood, in Bucharest. The company will also build some 600 apartments in Bucharest. Three more residential complexes are in view, i.e. City Center Exclusive (500 apartments), Titan Residence (450 apartments), and Baneasa Exclusive (60 apartments), plus one in Suceava, east, counting 400 apartments. The main shareholders in Adama are the US Tiger Global Management investment fund, Immoeast, Lehman Brothers and Morgan Stanley. Sursa: http://www.rompress.ro

Tags: romania apartments estate adama

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