BUSINESS

EBRD to finance acquisition of Pangaea stake by Invel

TAGS: Finance, Property

The European Bank for Reconstruction and Development (EBRD) announced on Thursday it will finance Invel Real Estate’s acquisition of a stake in NBG Pangaea, Greece’s largest real estate investment company, in a bid to promote sustainable, environmental investments in the Greek real estate sector.

The EBRD is providing Invel with a 55-million-euro loan which will co-finance the acquisition of a 32.7 percent stake in Pangaea from its current owner, National Bank of Greece.

With this acquisition, Invel’s total investment in Pangaea is expected to exceed 1 billion euros.

Pangaea, through its acquisitions of properties in the commercial and hospitality sectors in Greece and Southeastern Europe, is providing liquidity to the construction sector and development companies in the region.

“The transaction is set to promote the introduction of environmental, social and governance reporting which aims to enhance value by assessing and empowering sustainability practices,” the EBRD said.

Pangaea is the leading real estate investment company in Greece and is listed on the Athens Stock Exchange.

Its real estate portfolio consists of more than 340 commercial properties, primarily office and retail, located in urban areas throughout Greece and selectively positioned in other key markets in Southeastern Europe.

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