Piraeus Bank to sell Trastor holding to Wert Red

Piraeus Bank, Greece’s largest lender, said on Wednesday it had reached a deal to sell its holding in real estate investment trust Trastor as part of its restructuring plan.

Piraeus said it agreed to sell its 33.8 percent stake in Trastor to Wert Red, a Luxembourg company wholly owned by Varde Partners which invests across a range of geographies and asset classes on behalf of private investment funds.

As part of the deal, Wert Red will participate in a rights issue by Trastor and the sale is expected to be concluded within the coming days, Piraeus Bank said.

[Reuters]