ECONOMY

NBG Pangaea plots listing in Athens bourse by end-2014

Property company NBG Pangaea expects to be listed on the Athens stock market by the end of the year.

By end-2014, Pangaea, a National Bank of Greece subsidiary, will have completed the process for the public offering to acquire the rest of the shares of MIG Real Estate and proceeded to the acquisition of new property purchases in Greece and abroad (e.g. Italy) in order to strengthen its profile further for potential investors.

The management’s objective is to draw funds of 250-300 million euros through its listing, most of which will be utilized for the further enhancement of Pangaea’s portfolio. Just a few weeks ago it had a corporate bond issue of 250 million euros covered by US investment group Pimco.