York Cap­i­tal joins In­vel for Pan­gaia

Kathimerini English - - Front Page -

Af­ter re­ceiv­ing reg­u­la­tory ap­proval, Na­tional Bank has now com­pleted the sale of a 66 per­cent stake in its real es­tate in­vest­ment sub­sidiary Pan­gaia to In­vel Real Es­tate Part­ners for about 653 mil­lion eu­ros, In­vel con­firmed on Thurs­day, adding that it has se­cured York Cap­i­tal Man­age­ment as its in­sti­tu­tional part­ner in the in­vest­ment.

York Cap­i­tal has agreed to in­vest 125 mil­lion eu­ros, In­vel stated, in line with the Pan­gaia real es­tate com­pany’s strat­egy to cap­i­tal­ize its trans­ac­tions with in­vest­ments from var­i­ous in­sti­tu­tional part­ners.

Pan­gaia, Greece’s lead­ing prop­erty in­vest­ment firm, is ex­pected to com­plete a num­ber of planned ac­qui­si­tions in this first quar­ter of the year.

It is ex­pected to achieve a port­fo­lio of 269 com­mer­cial real es­tate prop­er­ties, com­pris­ing a gross leasable area of nearly 700,000 square me­ters, val­ued at more than 1 bil­lion eu­ros.

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