Invel completeσ purchase of NBG's property arm, Pangaea, in deal worth 1 bln€

Friday, 24 May 2019 18:51
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By T. Igoumenidi

Invel on Thursday completed a purchase of a 32.7-percent stake of NBG Pangaea, Natoinal Bank of Greece's (NBG) property holding and development subsidiary for a price tag of 390 million euros, meaning that it controls 98.1 percent of the latter.

The transaction was also facilitated with EBRD financing.

Invel's total outlay for Pangaea reaches one billion euros.

According to reports, 250 million euros of the 390 million euros comes from its shareholders, which include the investment funds Castlelake and Coller Capital, with the EBRD lending the remaining 140 million euros.

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