{"id":1004087945,"date":"2013-12-05T07:55:23","date_gmt":"2013-12-05T15:55:23","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004087945"},"modified":"2022-12-08T10:54:40","modified_gmt":"2022-12-08T18:54:40","slug":"invel-to-buy-stake-in-nbg-pangaea-in-greece-for-888m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/invel-to-buy-stake-in-nbg-pangaea-in-greece-for-888m\/","title":{"rendered":"Invel to Buy Stake in NBG Pangaea in Greece for $888M"},"content":{"rendered":"<p><i>By Gabriel Circiog, Associate Editor<\/i><\/p>\n<div id=\"attachment_1004087947\" style=\"width: 152px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/Chris-Papachristophorou.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004087947\" data-attachment-id=\"1004087947\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/invel-to-buy-stake-in-nbg-pangaea-in-greece-for-888m\/chris-papachristophorou\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/Chris-Papachristophorou.png\" data-orig-size=\"177,177\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Chris Papachristophorou\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Chris Papachristophorou, Invel founder&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/Chris-Papachristophorou.png?w=177\" class=\" wp-image-1004087947 \" alt=\"Chris Papachristophorou, Invel founder\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/Chris-Papachristophorou.png\" width=\"142\" height=\"142\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/Chris-Papachristophorou.png 177w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/Chris-Papachristophorou.png?resize=150,150 150w\" sizes=\"auto, (max-width: 142px) 100vw, 142px\" \/><\/a><p id=\"caption-attachment-1004087947\" class=\"wp-caption-text\">Chris Papachristophorou, Invel founder<\/p><\/div>\n<p>Invel Real Estate Partners has signed on the 25<sup>th<\/sup> of November 2013 a share purchase agreement to acquire a 66 percent stake in NBG Pangaea Real Estate Investment Company from the National Bank of Greece. Upon closing, the deal will become the largest real estate transaction ever signed in Greece, Invel paying \u20ac653 million (close to $888 million) for its stake in Pangaea. The deal, which has been approved by the Hellenic Financial Stability Fund and the Directorate-General for Competition of the European Commission, is expected to close by the end of this year.<\/p>\n<p>Pangaea, a subsidiary of National Bank of Greece SA, is the largest of the Greek real estate investment companies. Founded in 2010, the Athens-based company currently owns a portfolio of 243 commercial properties featuring a gross leasable area of 416,000 square meters (4.48 million square feet). The portfolio includes almost all of the main office buildings of NBG and its bank branches, spread throughout various cities in Greece, with concentrations in the regions of Attica and Thessaloniki. Upon completion of awarded asset acquisitions and planned property contributions from NBG and Invel, Pangaea expects to grow to include more than \u20ac1.0 billion (approximately $1.36 billion) of real estate assets by the end of the year.<\/p>\n<p>Invel, founded by Chris Papachristophorou, formerly a managing director of Deutsche Bank and global head of RREEF Opportunistic Investments, includes a team of investment professionals with several decades of investment experience across real estate asset classes in Europe. Their combined transaction experience is in excess of \u20ac20 billion of real estate gross asset value.<\/p>\n<p>\u201cInvel\u2019s material investment into the Greek real estate market demonstrates our confidence in the potential of this market and the recovery of the Greek economy overall,\u201d said Chris Papachristophorou, Invel\u2019s founder and managing partner in a prepared statement.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Invel Real Estate Partners is set to acquire a 66 percent stake in NBG Pangaea Real Estate Investment Co. from the National Bank of Greece, making it the largest real estate transaction in the country.<\/p>\n","protected":false},"author":264,"featured_media":1004087947,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16,21783,21742],"tags":[],"class_list":["post-1004087945","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international","category-investment","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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