Immoeast: TriGranit and Adama aided profit growth

Representatives of the Austrian investment fund Immoeast, which has ongoing projects worth approximately 1.5 billion euros on the domestic market, believe that becoming part of the shareholder structures of real estate development companies TriGranit and Adama was “critical” to reaching a 541 million-euro EBIT, in the 2006-2007 fiscal year. TriGranit Development is involved in the Polus Center projects in Cluj and Constanta, whilst Adama has ongoing projects building over 10,000 flats on the domestic market. Immoeast took over 25% of each of the two companies. However, representatives of the Austrian group would not reveal the value of profits derived in Romania. The focus of Immoeast’s investments moved from Central and Eastern Europe to South-Eastern Europe, and Romania has become the main target for Immoeast projects, say representatives of the Austrian company. The company’s profit exceeded the estimates of the ten investment banks analysing Immoeast’s activities by 80%, which put the profit at 320 million euros.