Another strategic investment was made in Romania during 2006/07: in March 2007 IMMOEAST purchased a 25% stake in the residential developer Adama. This company has realised projects with a total volume of EUR 600 million, and holds a development portfolio with 8,000 apartments. That makes Adama the leading property developer in the residential sector of Romania and the entire region of South-eastern Europe. The purchase price for this holding, which was acquired largely in connection with a capital increase, totalled EUR 60 million.

The funds raised by Adama will be used to finance a wide-ranging expansion programme, whereby 20 large residential projects are currently in preparation. Adama not only plans to strengthen its leading position in Romania, but also increase its positions on other markets in South-eastern Europe. Projects are currently being readied in Ukraine, the Republic of Moldavia and Serbia. In all four countries where Adama has invested or will invest, the residential market is characterised by high growth rates and the prices realised for apartments are also very satisfactory.