The National Bank of Greece (NBG) sold 66% of its real estate unit to Invel Real Estate Partners for 653 million euros. Invel decided to make the move since they are betting on the country’s economic recovery.
According to an Invel representative in London, the company bought a 66% stake in Pangaea Real Estate Investment Co. and the deal will be closed by the end of the year. At that time Pangaea will possess more than 1 billion euros in real estate assets thus making it the largest property transaction ever in Greece.
Christophoros Papachristophorou, Invel’s founder and managing partners stated that “this investment will show our confidence in the potential of the Greek market as well as the recovery after the economic crisis.”
At the moment, in the midst of the economic crisis, Greece is fighting to find foreign investors that are interested. Pangaea is Greece’s largest real estate investment company that manages and owns most of the NBG’s branches and offices.
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