Adama counts Morgan Stanley among shareholders

Adama, a real estate developer with investments worth 2.5 billion euros scheduled over the coming years, has persuaded investment bank Morgan Stanley to become a shareholder in the wake of a capital increase worth 100 million euros, Adama officials told ZF. Adama is currently involved in developing 51 real estate projects in Ukraine, Turkey, Moldova, Croatia, as well as in Romania (in areas such as Edenia Titan, Copou Bellevue and Evocasa Completa), which cover a total of 2.5 million built square metres. This capital increase will involve Morgan Stanley, as well as two of the company’s established shareholders – American-based Lehman Brothers and Austrian-based Immoeast, which entered Adama’s shareholding structure last year through capital injections worth 16 and 60 million euros respectively. This is the fourth major capital increase the company has experienced, after Adama issued bonds on the Tel Aviv Stock Exchange in 2006 and raised 62 million euros. Before the capital increase, Adama’s majority shareholder was American fund Tiger Global, which held a 44% stake. However, Adama representatives would not specify the nature of the shareholder structure in the wake of this fresh increase.
“This transaction, the fourth capital increase in the last two and a half years, will dramatically increase the company’s ability to extend its portfolio of projects on the targeted markets”, said David Flusberg, president and co-founder of Adama, alongside Dvir Cohen-Hoshen and Isaac Cohen-Hoshen.