NBG Pangaea buys CYREIT Variable Investment Company

NBG Pangaea Real Estate Investment Company of Greece announced the completion of its agreement last week with Bank of Cyprus Public Company Limited for the acquisition of a portfolio of properties in Cyprus, through the purchase of 100 percent of the management shares and 88.2 percent of the investment shares of Cypriot CYREIT Variable Investment Company PLC.

The temporary consideration for the transaction was set at 137.9 million euros, of which 3.2 million euros will be paid out gradually subject to conditions that have been agreed to between the parties.

Later this month the consideration is expected to be finalized by an independent auditing firm, and any readjustment to the consideration may be paid by the seller or the purchaser to the other party by July 31 (or later if the parties agree in writing).

CYREIT was set up by Bank of Cyprus as a vehicle for the sale of properties which were acquired by the lender through arrangements for nonperforming loans.

[Xinhua]