CPI Europe AG — M&A Activity 2011

Nov 9, 2011

News Details

Corporate | 9 November 2011 12:23

IMMOFINANZ AG: IMMOFINANZ Group completes Adama takeover

IMMOFINANZ AG / Key word(s): Mergers & Acquisitions

09.11.2011 / 12:23

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Press Release

Vienna, 9 November 2011

IMMOFINANZ Group completes Adama takeover

Following the approval of the competition authorities IMMOFINANZ Group has
completed the acquisition of the remaining 69.22% stake in Adama Holding
Public Ltd. ('Adama') on 9 November. IMMOFINANZ Group has held an
investment in this leading South-East European residential property group
since 2007 and is now the sole shareholder. The purchase price for the
stake totals EUR 42.43 million. The sellers include the international
US-based hedge fund Tiger Global, Morgan Stanley, Lehman Brothers UK in
administration and the founding shareholders.

'We decided in favour of the complete takeover of Adama because the company
and its brand name are well established in South-Eastern Europe. Our goals
are to integrate the expertise and market know-how of local management into
IMMOFINANZ Group and to realise synergies to the greatest extent possible.
From our viewpoint, Adama is the ideal platform for the planned expansion
of our residential construction and development activities, above all in
Romania', commented Daniel Riedl, member of the Executive Board of
IMMOFINANZ Group, on the reasons for this transaction. The full takeover of
Adama also illustrates the steady realisation of the Group's strategy to
develop non-controlling interests into majority holdings and attain
strategic control or to sell these investments.

In a first step Clemens Eisinger and Andreas Holler, two experienced
IMMOFINANZ managers, will join Dvir and Isaac Cohen-Hoshen on the
Management Board of Adama Holding.

Adama has completed approximately 1,500 apartments since its founding in
2005, and ten projects are currently under construction or realisation. The
company has a development portfolio of properties with a total area of over
1,360,000 sqm, which would allow for the realisation of more than 40
additional projects.

Through the sale of apartments, the company was also successful in
expanding its market share during the crisis. 'This market strength is a
factor we want to use in future projects', explained Riedl. 'Our Romanian
portfolio currently includes a number of undeveloped sites in Bucharest.
The objective is to create entire city quarters - an interesting challenge
that we intend to address with the Adama team as soon as the Romanian
economy can provide the necessary environment', commented Riedl on the
mid-term plans of IMMOFINANZ Group.

On Adama Holding Public Ltd.
Adama is a leading property developer in South-Eastern Europe that focuses
on new residential construction in Romania. In addition to residential
construction projects in that country, the company also develops a smaller
number of office and commercial projects and is active in Ukraine, Turkey,
Croatia and Moldavia. Adama covers the entire property development value
chain - from the acquisition of land to planning and approval processes as
well as the realisation and marketing of projects. Adama Holding Public
Ltd. is a Cypriot holding company whose operating headquarters are located
in Bucharest, Romania. Further information under: www.adama-holding.com

On IMMOFINANZ Group
IMMOFINANZ Group is one of the five largest listed property companies in
Europe and is included in the leading ATX index of the Vienna Stock
Exchange. Since its founding in 1990, the company has compiled a
high-quality property portfolio that now comprises more than 1,600 standing
investment properties with a carrying amount of approx. EUR 8.4 billion.
The core business of the IMMOFINANZ Group covers the acquisition and the
active management of investment properties, the realisation of development
projects and the sale of objects. IMMOFINANZ Group concentrates its
activities in the retail, office, logistics and residential segments of
eight regional core markets: Austria, Germany, Czech Republic, Slovakia,
Hungary, Romania, Poland and Russia. Further information under:
www.immofinanz.com.

Contact:
For additional information contact:

INVESTOR RELATIONS

Stefan Schönauer
Head of Corporate Finance & Investor Relations
IMMOFINANZ AG
M +43 (0)699 1685 7312
investor@immofinanz.com

MEDIA INQUIRIES

Sandra Bauer
Head of Corporate Communications | Press Spokesperson
IMMOFINANZ AG
T +43 (0)5 7111 2292
M +43 (0)699 1685 7292
communications@immofinanz.com

A-1100 Wien, Wienerbergstraße 11
www.immofinanz.com

End of Corporate News

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Language: English
Company: IMMOFINANZ AG
Wienerbergstraße 11
1100 Wien
Austria
Phone: +43 (0) 5 7111 - 2291
Fax: +43 (0) 5 7111 - 8291
E-mail: investor@immofinanz.com
Internet: http://www.immofinanz.com
ISIN: AT0000809058
WKN: 911064
Listed: Freiverkehr in Berlin, München, Stuttgart; Open Market in
Frankfurt; Wien (Amtlicher Handel / Official Market)

End of News DGAP News-Service

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