NBG Pangaea REIC becomes PRODEA Investments
Invel Real Estate (“Invel”), an investment firm focusing on real estate and distressed debt opportunities across Europe, is pleased to share that PRODEA Investments is the new name for the real estate investment company formerly known as NBG Pangaea REIC.
With investments now exceeding €2 billion, the new brand reflects the company’s ambitions and evolution since its acquisition by Invel. The new name PRODEA draws upon the company’s focus on property, as well as its innovative, dynamic and experienced approach as the largest real estate investment company in Greece. This was celebrated in a well-attended event that had Stefanos Tsitipas, the youngest player ranked in the top 10 by the Association of Tennis Professionals, as guest of honour.
Invel made history in May 2019 when it became the largest ever investor in the Greek real estate market through its acquisition of a 32.7% stake in the business, taking its total investment to more than than €1 billion for a circa 98.1% shareholding.
Christophoros Papachristophorou, Invel’s Founder and Managing Partner and Chairman of the Board of Directors for PRODEA Investments, said: “This milestone marks a new era for the company. Led by new shareholders and based on the solid foundation of the expertise and experience that our team has built over the years, the name PRODEA represents our ambitions for the company to be a leader in European real estate investment.”