Austrian real estate company Immoeast has taken a further step towards expanding its housing development activities in...Austrian real estate company Immoeast has taken a further step towards expanding its housing development activities in Central and Eastern Europe with the acquisition of a 25 per cent stake in housing development group Adama Holding Public Ltd.
Adama is active in Southeast Europe and its development portfolio includes more than 8,000 apartments; 50,000 sqm of office and retail space round out the enterprises activities. Furthermore, Adama also possesses real estate suitable to more than 20 further projects. To date, Adama has invested in development projects worth over EUR 600 million in total investment size.
"The deal, which values Adamas current portfolio and operating platform at more than EUR 180 million, gives Immoeast a 25 per cent stake in the company," Adama representatives said.
Adama is currently most strongly represented in Romania. The resources generated by the capital increase will mainly be used by Adama to expand into new markets, further accelerating the companys growth. Housing projects in neighbouring Ukraine, Serbia and Moldova are already in the pipeline.
“We are entering a highly interesting market with a first class local partner – an important step towards becoming the leading investor in housing developments in Southeast Europe within a relatively short time frame”, said Immoeast CEO Karl Petrikovics.
The Austrian company has already acquired several other major projects in Romania this year, including Polus Center Constanta (EUR 185 million), S-Park (more than EUR 100 million) and Victoria Park (EUR 60 million).