DGAP-News: IMMOFINANZ Group: Adama announces start of construction on the second phase of two projects in Romania
(firmenpresse) - DGAP-News: IMMOFINANZ AG / Key word(s): Real Estate
IMMOFINANZ Group: Adama announces start of construction on the second
phase of two projects in Romania
15.10.2012 / 09:32
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Corporate News | Press Release Vienna, 15 October 2012
Adama announces start of construction on the second phase of two projects
in Romania
The wholly owned IMMOFINANZ Group subsidiary Adama - the leading
residential real estate developer in Romania - officially announces the
start of construction on the second phase of two of its existing projects:
Edenia Titan and Evocasa Optima. Both are located in the green neighborhood
near Titan Park in Bucharest and offer good infrastructure that includes
excellent transport connections, shopping centers, recreational facilities
and service providers. The total investment costs amount to EUR 14.1
million.
'The Adama brand name is well established in South-Eastern Europe as one of
the few reliable developers on the market. The full takeover in November
2011 has created an ideal platform for us to expand our residential
construction and development activities in this region and utilise existing
land reserves. We have already started to integrate the expertise and
market know-how of the local management into IMMOFINANZ Group and to
realise synergies. Our sound results in Romania prove that we are on the
right track. Starting construction works for the second phase of two
projects is definitely a good sign, especially in this challenging market
environment', commented Daniel Riedl, COO of IMMOFINANZ Group.
Andreas Holler, member of the Executive Committee of Adama Group, stated:
'We want to establish a reproducible and profitable quality standard in
Romania and SEE. This objective implies an upgrade of our services and an
improved vision of our business. Adama is recognised as the leading
Romanian residential developer with excellent projects and with the highest
level of reliability.'
Edenia Titan
Edenia Titan is Adama's first investment based on the concept of a highly
security-oriented neighborhood in the area of the Titan Park in Bucharest.
The project comprises six residential buildings that offer a quiet rest
area as a contrast to the busy urban surroundings. The first phase of
Edenia was completed in 2009 and all 226 apartments in the two buildings
have already been sold. The second phase is projected from October 2012 to
autumn 2013, and will involve the construction of another 126 apartments -
with one, two or three rooms.
Evocasa Optima
Evocasa Optima sets a new standard for the efficient and modular design of
affordable flats without compromising functional and aesthetic objectives.
The architecture of the buildings combines common areas and a favorable
relation of chargeable and usable space. The first phase (83 units) was
completed in 2010, and 82% have already been sold. Construction on the
second phase is now in progress and will offer another 84 flats (two and
three rooms).
Adama has a significant presence in the Titan area with five projects
completed and more than 80% sold. In addition, two follow-up phases are
underway. Andreas Holler: 'We believe in this community, which is rapidly
developing into an important second city center. We will create valuable
residential units to meet the needs of the market andcustomers by
providing high value at a reasonable price. At the same time we will
continue to offer our clients the facilities, environment and lifestyle
they are accustomed to receiving from Adama.'
On ADAMA
Adama is a leading Real Estate development company, active in Romania,
Moldova, Ukraine and Turkey. The company completed more than 1500
residential units and several thousand square meters of commercial and
office space in projects such as: Evocenter One, Evocasa Armonia, Edenia
Titan, Evocasa Optima and Evocasa Selecta (Bucharest), Evocasa Orizont
(Ploiesti), Evocasa Viva (Brasov), Evocasa Completa (Bacau), Copou Bellevue
(Iasi) and Cluj. Adama has succeeded in selling more than 1000 apartments
up to date. Since November 2011, Adama has been solely owned by Immofinanz
Group. Further information under: www.adama.ro.
On IMMOFINANZ Group
IMMOFINANZ Group is one of the leading 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 1,820 investment properties
with a carrying amount of approx. EUR 10.38 billion. The core business of
IMMOFINANZ Group covers the acquisition and 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.
In Romania IMMOFINANZ Group is one of the leading real estate developers
and investors with a portfolio of 88 properties in mostly office and
commercial space, and a carrying value of approx. EUR 1,022.7 million.
Romania ranks third in the total Group portfolio with a 9.9% share after
Austria with 37.5% and Russia with 16.0%. In November 2011, IMMOFINANZ
Group acquired 100% of Adama, a leading property developer in South-Eastern
Europe with strong operations on the Romanian residential market. This
transaction consolidated IMMOFINANZ Group's operations on the residential
construction and development market in the region and especially in
Romania. Further information under: www.immofinanz.com
For additional information please contact:
MEDIA INQUIRIES
Armin Nowshad (representing Sandra Bauer)
Ecker&PartnerÖffentlichkeitsarbeit und Public Affairs GmbH
T +43 (0)1 599 32 22
M +43 (0)660 821 55 38
a.nowshad(at)eup.at
INVESTOR RELATIONS
Stefan Schönauer
Head of Corporate Finance&Investor Relations
IMMOFINANZ AG
T +43 (0)1 88090 2312
M +43 (0)699 1685 7312
investor(at)immofinanz.com
A-1100 Wien, Wienerbergstraße 11
www.immofinanz.com
End of Corporate News
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15.10.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: IMMOFINANZ AG
Wienerbergstraße 11
1100 Wien
Austria
Phone: +43 (0) 1 88090 - 2291
Fax: +43 (0) 1 88090 - 8291
E-mail: investor(at)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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