Invel inks €390m deal to buy out Greece's largest property investor

European real estate and distressed debt specialist Invel has served a call option exercise notice to the National Bank of Greece (NBG) to acquire a 32.7% stake in NBG Pangaea REIC, the largest real estate investment company in Greece.

Invel first acquired a 66% stake in Pangaea from NBG for €653 mln in December 2013, with a further option on the company.

'We see significant potential in the economic and property markets in Greece and southern Europe, where Pangaea has a strong reputation and track record,' said Invel’s founder and managing partner, Christophoros Papachristophorou. 'We are increasing our investment in Pangaea to give us further exposure to these dynamic markets through an established and attractive platform.'

Since Invel's original investment, Pangaea has grown to be the largest REIC in Greece by assets under management, with a portfolio of 345 assets worth €1.7 bn and a NAV of €1.3 bn, Invel said. The firm has also expanded its footprint into new markets such as Italy and Cyprus during this time.

In March 2018, US fund manager Castlelake and an unnamed institutional investor became part of the consortium owning the indirect majority stake in Pangaea. York Capital is also an investment partner.

Invel has agreed to acquire the 32.7% stake in Pangaea alongside nominated entity CL Hermes Opportunities, with closing expected by May 30.


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