Illustrative examples of transactions

NBG Pangaea REIC (Greece)

Investment Description

  • In December 2013, Invel acquired a 66% stake in NBG Pangaea REIC (“Pangaea”) from the National Bank of Greece (“NBG”) for €653m.
  • Pangaea was established in 2010 by NBG and included the bank’s owned retail branches and main office buildings in Greece.
  • Pangaea is now the largest Real Estate Investment Company (“REIC”) in Greece in terms of assets, with a portfolio currently consisting of 345 assets with an appraised value of €1.7bn and a NAV of €1.3bn.
  • The portfolio benefits from long-term leases (WALT of 18 years/13 years including break options) with annual indexation of at least CPI for the majority of the leases. The assets are let to highly reputable tenants, such as NBG, the Hellenic Republic, Cosmote/Deutsche Telekom, Sklavenitis and Telecom Italia.
  • In March 2018, Invel announced the reorganisation of its indirect majority stake in Pangaea, bringing-in two new institutional investors.

Company Presentation December 2018

www.nbgpangaea.gr

High quality commercial real estate assets in prime urban locations across Greece and Italy