ECONOMY

Piraeus Bank to acquire additional stake in Trastor

Piraeus Bank to acquire additional stake in Trastor

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]