Leading Greek property investment company NBG Pangaea is getting ready to spread its wings as it eyes the creation of a major portfolio worth up to 4 billion euros to be listed not only on the Athens bourse but also a foreign stock market.
The public offering for Pangaea’s acquisition of the remaining stake in of MIG Real Estate appears certain to be completed. Yesterday it emerged that MIG Real Estate has received a positive recommendation by its stockbroker regarding the price of 3.10 euros per share that Pangaea has offered. The public offering was viewed as approaching the higher end of the fair pricing.
With the MIG Real Estate buyout, Pangaea will control a portfolio of 1.3 billion euros, while its head, Aristotelis Karytinos, said the bottom-line aim is for the creation of a property portfolio of 3 to 4 billion euros, effectively doubling its portfolio within the next two to three years.
Having created one of the biggest property companies in Southern Europe, and once it has been listed on the Athens Exchange and completed new investments in properties in Greece and Italy, Pangaea will then turn its focus to being listed on an international bourse.