€55 million contribution to Invel’s investment in Pangaea
The EBRD is helping to promote sustainable, environmental investments in the Greek real estate sector with support for the purchase by Invel Real Estate of a stake in Pangaea, the country’s largest real estate investment company.
The EBRD is providing a €55 million loan which will co-finance the acquisition of a 32.7 per cent stake in Pangaea from its current owner, the National Bank of Greece.
With this acquisition, Invel's total investment in Pangaea is expected to exceed € 1 billion.
Pangaea, through its acquisitions of commercial and hospitality properties in Greece and south-eastern Europe, is providing liquidity to the construction sectors and development companies in the region.
The transaction will promote the introduction of environmental, social and governance reporting which aims to enhance value by assessing and empowering sustainability practices.
Pangaea is the leading real estate investment company in Greece, listed on the Athens Stock Exchange (ATHEX). Pangaea's real estate portfolio consists of more than 340 commercial properties, primarily office and retail, located in urban areas throughout Greece and selectively positioned in other key markets in south-eastern Europe.
To date, the EBRD has made cumulative investments in excess of €3 billion in the property and tourism sector. The Bank’s activities in the sector promote sustainable and inclusive investments.
The EBRD started investing in Greece on a temporary basis in 2015 to support the country’s economic recovery. The Bank has invested over €2.4 billion in the corporate, financial, energy and infrastructure sectors of the Greek economy, so far.