London, 25th November 2013 – Invel Real Estate Partners (“Invel”) has today signed a share purchase agreement to acquire a 66% stake in NBG Pangaea Real Estate Investment Company (“Pangaea”) from the National Bank of Greece (“NBG”).
Pangaea, the largest of Greek REICs, currently owns a portfolio of 243 commercial properties comprising a gross leasable area of approximately 416,000 square metres. The portfolio encompasses nearly all of the main office buildings of NBG and its bank branches, spread across various cities in Greece with concentrations in Greece’s main regions of Attica and Thessaloniki. Pangaea expects to grow to include over €1.0 billion of real estate assets by the end of 2013, after completing awarded asset acquisitions and planned property contributions from both NBG and Invel.
At closing, Invel will pay €653 million for the 66% stake in Pangaea, making this the largest real estate transaction ever signed in Greece.
The transaction has been approved by the Hellenic Financial Stability Fund and the Directorate-General for Competition of the European Commission.
Invel’s Founder and Managing Partner, Chris Papachristophorou, said: “Invel’s material investment into the Greek real estate market demonstrates our confidence in the potential of this market and the recovery of the Greek economy overall.”
The transaction documents have been signed today, 25th November 2013, and the deal is expected to close by the end of this year.
About Invel (www.invelrealestate.com)
Invel Real Estate Partners seeks to capitalise on real estate investment opportunities throughout major European markets that involve corporate and government restructuring, complex capital structures, and/or asset redevelopment and repositioning.
Founded by Chris Papachristophorou, formerly a Managing Director of Deutsche Bank and Global Head of RREEF Opportunistic Investments, Invel comprises 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 €20 billion of real estate gross asset value, having completed numerous landmark transactions with successful results.
Invel capitalises its transactions with investments from various institutional partners, including hedge funds, real estate funds and high net worth individuals / family offices, amongst others.
The NBG Pangaea REIC operates as a subsidiary of National Bank of Greece SA as a real estate investment company. Pangaea owns and manages real estate properties comprising of nearly all of the main office buildings of NBG and its Bank branches, spread across various cities in Greece, but with a significant concentration in Greece’s main regions of Attica and Thessaloniki. The company was founded in 2010 and is based in Athens.
About National Bank of Greece
National Bank of Greece (“NBG”) is the oldest bank in Greece, and is regarded as an important national asset. In fact, the vast majority of Greek households have accounts with the Bank, and NBG has banked over 70% of companies in Greece. Further, NBG is heavily supported / effectively backed by the Greek government. The Hellenic Financial Stability Fund (“HFSF”), which is backed by the ECB, had underwritten the entire recent NBG issuance (as well as that of the other two largest Greek banks that are raising equity in a similar manner – Alpha and Piraeus Banks).
Invel Public Relations Advisor
Ellie Sweeney +44 (0)20 7250 1446