National Bank of Greece seals deal for Invel to buy Pangaia

National Bank of Greece, the country’s largest lender, said late on Monday it has agreed to sell a majority stake in its real estate arm Pangaia to private equity firm Invel Real Estate in a 653-million-euro deal.

The sale, which was revealed last week, is part of a restructuring by National Bank aimed at boosting its capital base.

Under the terms of the latest deal Invel will acquire 66 percent of Pangaia, NBG said in a statement, and will pay 161 million in cash, contribute equity in the form of real estate and also take out a loan from NBG.

Pangaia’s real estate portfolio includes office buildings, branches operated by NBG and other property recently acquired from the country’s privatization agency.

Pangaia will pursue a listing on the Athens stock exchange in 2015, the statement said.