Invel Real Estate



Project number:


Business sector:

Property and tourism

Notice type:


Environmental category:


Approval date:

27 Mar 2019



PSD disclosed:

29 Jul 2019

Translated version of this PSD: Greek

Project Description

Provision of a EUR 55 million loan in favour of Invel Real Estate BV ("Invel RE"), a limited liability company incorporated under the laws of the Netherlands, to partially fund the acquisition by Invel RE of 29.81% of the shares in NBG Pangaea REIC ("Pangaea" or the "Company"), the largest real estate investment company in Greece, from the National Bank of Greece ("NBG").

Project Objectives

The project supports the successful acquisition by Invel RE of the shares in Pangaea held by NBG, thus streamlining Pangaea's shareholding structure to real estate sector investors and promoting its sustainability agenda.

Transition Impact

The Project supports the expansion of Pangaea's sustainable green investments and improves sustainability practices across the Company through the introduction of corporate level sustainability reporting. Pangaea will introduce GRESB reporting, the global environmental, social and governance benchmark for real estate assets which aims to enhance value by assessing and empowering sustainability practices.

Client Information


Invel RE is a newly established entity for the purpose of carrying out the acquisition of the shares in Pangaea. Invel RE is managed by affiliates of Invel Real Estate Management Limited, a real estate investment manager focusing on the European real estate markets.

EBRD Finance Summary

EUR 55,000,000.00

Total Project Cost

EUR 390,824,121

Environmental and Social Summary

Categorised C (2014 ESP). Environmental and social due diligence (ESDD) carried out by ESD demonstrated that Pangaea is in compliance with relevant Greek national laws and has adequate environmental and social risk management capacities and procedures to comply with EBRD Performance Requirements (PRs), and therefore no Environmental and Social Action Plan (ESAP) is required for the Project. The Project will be required to continue to comply with PRs.

The ESDD was based on reviews of the completed corporate questionnaire, and publicly available information on Pangaea's web-site. The ESDD showed that Pangaea's on-going activities are in line with EU legislation, and there were no significant environmental issues associated with their current operations. Pangaea's portfolio, consisting of existing high-street office and retail properties, is located in EU countries. Pangaea has a dedicated technical department responsible for commissioning environmental, fire and life safety due-diligence by certified companies prior to acquisition of new properties and for monitoring of the acquired properties. Pangaea has in place written Corporate Governance Code and HR Policy and dedicated HR management for its employees. For small-scale refurbishments of its properties, Pangaea retains third-party contractors which are required to comply with national environmental, construction, OHS and labour requirements through bidding and contractor documents. Pangaea engages with its stakeholders regularly via its web-site and through other communication means. It also has established a Corporate Responsibility Programme that aims to assist vulnerable groups in remote areas in Greece and in Athens through investments in infrastructure facilities such as schools and refugee help centres.

Technical Cooperation


Company Contact Information

Arnaud Plat
+44 (0) 20 75 29 6608
26 Grosvenor Gardens, London SW1W 0GT, UK

Business opportunities

For business opportunities or procurement, contact the client company.

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General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.

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