Invel to Buy Pangaea in Largest Greek Real Estate DealNeil Callanan
Invel Real Estate Partners agreed to buy most of National Bank of Greece SA’s real estate unit for 653 million euros ($882 million), betting on a recovery in the country’s economy.
The sale of the 66 percent stake in Pangaea Real Estate Investment Co. is expected to be completed by the end of the year, according to a statement from London-based Invel today. Pangaea will probably have more than 1 billion euros of real estate assets at that time and it would be the largest ever Greek property transaction, Invel said.
The investment “demonstrates our confidence in the potential of this market and the recovery of the Greek economy,” Christophoros Papachristophorou, Invel’s founder and managing partner, said in the statement.
Greece is striving to attract foreign investment as the economy faces a sixth straight year of contraction. Pangaea, Greece’s largest real estate investment company, owns and manages nearly all of National Bank of Greece’s branches as well as the main offices used by the bank, the country’s oldest.