Adama Holding puts EUR 120 million in Ploiesti residential project

Named Evocasa Orizont, the project consists of 1,000 villas and apartments with prices ranging from EUR 84,000 for studios to EUR 150,000 for four-room apartments.
According to the developer, the first stage of the construction is set to be delivered at the end of 2009. “Evocasa Orizont is the first project built according to a ‘community concept' in Ploiesti, a location defined as strategic for our developments,” said David Flusberg, president and founder of Adama. Coldwell Banker Affiliates of Romania, the real estate consultancy and brokerage agency, is the exclusive sales agent for Evocasa Orizont project through the agency's subsidiary in Ploiesti.
Adama Holding Ltd is owned by New York-based investment fund Tiger Global Management, Immoeast, the largest listed property company in Austria, the private investment fund American RomRe, and the global investment bank Lehman Brothers.
Adama Holding Ltd is listed on the Tel Aviv Stock Exchange.
The developer has invested EUR 150 million so far in Bucharest in projects such as Edenia Titan in partnership with Future Group, Ferdinand Exclusive, Pipera Residences, Pipera Business Center, projects comprising of apartments in the Titan area, Nordului 96 Deluxe apartments and Adama center.
The overall investments in the country reach EUR 250 million from projects such as Evocasa Project in Ploiesti, Copou Bellevue in Iasi, and Evocasa Completa in Bacau. The company's Central and Eastern European portfolio of developments totals EUR 1.5 billion.

Magda Purice