ATHENS—Invel Real Estate Partners has completed acquisition of a 66% stake in NBG Pangaea Real Estate Investment Co. for $892 million (€653m), and it said Thursday that it has brought York Capital Management in as an investor to the tune of $171 million (€125m).
The deal between Invel and Pangaea was first announced in late November.
Pangaea is Greece's largest real estate investment company. It owns a portfolio of 269 properties that totals more than 7.5 million square feet and is valued at more than $1.3 billion. The portfolio includes nearly all of the main office buildings of National Bank of Greece and its bank branches, spread across various cities in Greece with concentrations in Greece's main regions of Attica and Thessaloniki. It is also in the process of acquiring Greek assets leased to the Hellenic state.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
