Austrian listed group Immofinanz has completed the acquisition of the remaining 69.22% stake it did not already own in Southeastern European residential developer Adama for just over EUR 42 mln.

Immofinanz, which has held a stake in the company since 2007, is now the sole shareholder. The vendors include the US-based hedge fund Tiger Global, Morgan Stanley, Lehman Brothers UK (in administration) and the founding shareholders of the company.

'Adama is the ideal platform for the planned expansion of our residential construction and development activities, above all in Romania,' said Daniel Riedl of Immofinanz's executive board. The deal is in line with the CEE-focused group's strategy of gaining strategic control of all its investments. It was first announced in June this year.

Immofinanz's managers Clemens Eisinger and Andreas Holler are joining Dvir and Isaac Cohen-Hoshen on Adama's management board.

Headquartered in Bucharest, Adama has a development portfolio of 1.4 billion m2 and is active in Ukraine, Turkey, Croatia and Moldavia.