Invel Real Estate has become the largest ever investor in the Greek real estate market following the completion of its acquisition of a further 32.7% stake in NBG Pangaea REIC from the National Bank of Greece (NBG) for consideration of €390m. Invel has now invested more than €1bn in Pangaea and now holds a circa 98.1% shareholding in the largest real estate investment company in Greece.
Invel’s Founder and Managing Partner, Christophoros Papachristophorou, said: “This is a milestone transaction for the Greek real estate market, and reflects the wider confidence that we feel in this dynamic market. We have enjoyed a successful partnership with the NBG over the past five years that has allowed us to create an outstanding track record and reputation for Pangaea in Greece, as well as firmly establish the foundations for the company to become a leader in the wider southern European region. We would like to thank all of our investors, financiers and advisors, and particularly Piraeus Βank for its lead role, as well as EBRD for its commitment throughout the process.”