Piraeus Bank has agreed with investment firm Varde Partners to buy its controlling stake in real estate investment company Trastor for about €98 million, the bank said on Friday.
Under the agreement, Piraeus, which now holds a 45% stake in Trastor, will acquire an additional stake of 52%, it said. Once concluded, the transaction will trigger a mandatory tender offer by Piraeus to buy the remaining 3% stake in Trastor.
Piraeus Bank CEO Christos Megalou said that the transaction would instantly enhance the bank’s fee revenue profile and further bolster its real estate sector know-how. [Reuters]