Invel investment in Greece to reach one bln€ after purchase of NBG's stake in Pangaea property group

Monday, 01 April 2019 12:20
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By T. Igoumenidi

The total investment by Netherlands-based Invel Real Estate in a previously National Bank of Greece-controlled (NBG) property holdings group (since 2013) will reportedly exceed one billion euros, following the call option that the former exercised on Friday.

The private equity fund announced that it was purchasing NBG's stake in the Pangaea property services company, with a NBG announcement expected on Monday.

Invel will acquire NBG's 33-percent stake in Pangaea, following a 66-percent stake purchased in 2013 for 650 million euros.

The price for the remaining minority share will be based on the average share price of the last trimester of 2018, with the total outlay expected to flow into NBG's coffers at the end of May to reach 390.8 million euros.  

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