ECONOMY

Ethniki Pangaea plans are put on hold for now

Ethniki Pangaea, the country’s leading real estate investment company, has decided to freeze all its plans for the acquisition of properties and bourse listing until political and economic developments in the country become clearer.

The property investment firm had planned to start the process for its listing on the Athens Stock Exchange by the end of 2014, but political developments forced it to put that off until further notice. The bourse has given Pangaea a fall 2015 deadline to complete its listing, which it can also do through the stock of its subsidiary MIG Real Estate.

Ethniki Pangaea aims to become one of the biggest property investment companies in the world and has planned for the implementation of real estate investments adding up to 1.5 billion euros in the next three years.

Before the early elections were called in late December the company had completed a series of deals including the acquisition of the office building at 23 Mitropoleos Street in Athens, which houses the Cervantes Institute. This is a 4,300 square meter building and the institute will remain as a tenant. Pangaea paid 11 million euros for it.