Invel sets record as the largest ever real estate investor in Greece with an aggregate €1 billion investment in Pangaea

Invel Real Estate (“Invel”), an investment firm focusing on real estate and distressed debt opportunities across Europe, announces that it has become the largest ever investor in the Greek real estate market following the completion of its acquisition of a further 32.7% stake in NBG Pangaea REIC (“Pangaea”) for a consideration of €390 million, from the National Bank of Greece (“NBG”). Invel has now invested more than €1 billion in Pangaea and now holds a circa 98.1% shareholding in the largest real estate investment company in Greece.

Invel’s acquisition received the support of a number of large institutional investors and institutionally managed funds. Invel and its co-investors received acquisition financing from Piraeus Bank, the European Bank for Reconstruction and Development (EBRD), Astro Bank and Hellenic Bank. 

This transaction closing follows Invel serving a Call Option Exercise Notice dated 3 April 2019.

Invel’s Founder and Managing Partner, Christophoros Papachristophorou, said: “This is a milestone transaction for the Greek real estate market, and reflects the wider confidence that we feel in this dynamic market. We have enjoyed a successful partnership with the NBG over the past five years that has allowed us to create an outstanding track record and reputation for Pangaea in Greece, as well as firmly establish the foundations for the company to become a leader in the wider southern European region.

We would like to thank all of our investors, financiers and advisors, and particularly Piraeus Βank for its lead role, as well as EBRD for its commitment throughout the process.”

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Media Enquiries:

For Invel:

Henry Columbine/Polly Warrack  t: +44 (0)20 3757 6890

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Notes to Editors:

  • Invel Real Estate Management (“Invel”) was established in March 2013 to take advantage of opportunities in the European real estate markets by offering investors the ability to co-invest on a transaction-by-transaction basis.
  • Invel brings together a team of investment professionals with several decades of investment experience across real estate asset classes in Europe. Their combined transaction experience is in excess of €20bn of real estate gross asset value, having completed numerous landmark transactions with successful results.
  • Invel is headquartered in Jersey and, through its affiliated entities, has offices in the United Kingdom, Italy, Greece, Cyprus, Luxembourg and the Netherlands. Invel’s local presence and in-depth experience in selected European markets allows it to identify and efficiently execute a broad range of real estate investment opportunities.
  • Invel currently manages around €2.3bn of assets across Europe.