BUSINESS

York Capital joins Invel for Pangaia

After receiving regulatory approval, National Bank has now completed the sale of a 66 percent stake in its real estate investment subsidiary Pangaia to Invel Real Estate Partners for about 653 million euros, Invel confirmed on Thursday, adding that it has secured York Capital Management as its institutional partner in the investment.

York Capital has agreed to invest 125 million euros, Invel stated, in line with the Pangaia real estate company’s strategy to capitalize its transactions with investments from various institutional partners.

Pangaia, Greece’s leading property investment firm, is expected to complete a number of planned acquisitions in this first quarter of the year.

It is expected to achieve a portfolio of 269 commercial real estate properties, comprising a gross leasable area of nearly 700,000 square meters, valued at more than 1 billion euros.

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