Central and eastern European developer Adama Holding has raised E100m (£76m) of new equity in a private placement.

The company’s new investors are Morgan Stanley Real Estate’s Special Situations Fund III and two existing Adama shareholders, Lehman Brothers and Immoeast, a Vienna-based listed property company.

The three founders of Adama, David Flusberg, Dvir Cohen-Hoshen and Isaac Cohen-Hoshen, have also invested.

The new money will be used to fund Adama’s expansion in its target markets of Romania, Ukraine and Turkey.

Flusberg, Adama’s president, said: ‘This transaction, Adama’s fourth private placement in the past two and half years significantly increases the company’s ability to expand its portfolio of high return development projects across target markets.’

John Carrafiell, head of Morgan Stanley’s real estate investing division said: ‘We believe that Romania’s strong demand for quality real estate provides an attractive opportunity to expand our investment platform in central and eastern Europe.’