ECONOMY

National Bank of Greece reaches deal for property subsidiary sale

National Bank of Greece, the country’s largest lender, reached an agreement to sell most of its real estate unit in a transaction that values the company at more than 1 billion euros, two people with knowledge of the matter said on Friday.

The sale of a majority stake in Pangaia REIC to Invel Real Estate Partners, a London-based real estate investment firm led by Chris Papachristophorou, was approved by the Hellenic Financial Stability Fund, according to the people, who asked not to be identified because the information isn’t public.

The deal will close by the end of the year, the people said.

NBG, based in Athens, said last month it was in talks with Invel about a deal, though a valuation wasn’t disclosed.

[Bloomberg]