NBG expects 400 mln euros for its stake in Pangaea

National Bank expects to collect about 400 million euros from the upcoming sale of a 32.6 percent stake in NBG Pangaea Real Estate Investment Company.

The transaction between National and Invel, which is currently the biggest shareholder in the property investment company, is expected to be completed by the end of the month, after a three-month extension was granted at the start of the year.

According to the existing agreement between the two sides, the price is predetermined and is based on the average level of Pangaea’s stock price during the last quarter of 2018, or about 4.9 euros per share.

Invel is expected to exercise its right to acquire NBG’s stake in the REIC, with the active participation of Invel’s shareholders – i.e. US investment group Castlelake and British investment fund Coller Capital.

This way they will further strengthen their holding in Greece’s leading property investment corporation after indirectly acquiring 49 percent of the Athens-listed company by obtaining a stake in Invel a year ago.

Once the transaction is completed, Invel will control 98 percent of Pangaea’s share capital, which according to bourse rules will require an opening-up process to new shareholders.

This is why the company’s management is preparing a 500-million-euro share capital increase.