Adama is a real estate developer active in Romania, Ukraine, Moldova, Croatia, and Turkey.
Adama Holding Ltd. (TASE:ADMA.B1) and its partners have sold a six-acre lot in Istanbul at a value of $23.5 million. Adama, Immoeast Projekt Hylas Holding GmbH, and Magnat Real Estate Opportunities GmbH & Co. KgaA each own one third of the lot.
Adama books the lot at a value of €7.3 million, and the companies expect to report a gross capital gain of €8.7 million on the sale. Adama's capital gain from the sale will therefore amount to about NIS 28 million.
Adama is a real estate developer active in Romania, where it is based, Ukraine, Moldova, Croatia, and Turkey. The company has been hard hit by the global economic crisis and credit crunch, and has been cutting back on its development activity and selling properties.
Published by Globes [online], Israel business news - www.globes-online.com - on November 8, 2009
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