Invel Signs Agreement on Largest Ever Greek Real Estate Transaction
London, 25th November 2013 – Invel Real Estate Partners (“Invel”) has today signed a share purchase agreement to acquire a 66% stake in NBG Pangaea Real Estate Investment Company (“Pangaea”) from the National Bank of Greece (“NBG”).
Pangaea, the largest of Greek REICs, currently owns a portfolio of 243 commercial properties comprising a gross leasable area of approximately 416,000 square metres. The portfolio encompasses nearly all of the main office buildings of NBG and its bank branches, spread across various cities in Greece with concentrations in Greece’s main regions of Attica and Thessaloniki. Pangaea expects to grow to include over €1.0 billion of real estate assets by the end of 2013, after completing awarded asset acquisitions and planned property contributions from both NBG and Invel.
At closing, Invel will pay €653 million for the 66% stake in Pangaea, making this the largest real estate transaction ever signed in Greece.
The transaction has been approved by the Hellenic Financial Stability Fund and the Directorate-General for Competition of the European Commission.
Invel’s Founder and Managing Partner, Chris Papachristophorou, said: “Invel’s material investment into the Greek real estate market demonstrates our confidence in the potential of this market and the recovery of the Greek economy overall.”
The transaction documents have been signed today, 25th November 2013, and the deal is expected to close by the end of this year.