NBG expects 400 mlneuros for its stake in Pangaea

National Bank expects to collect about 400 million euros from the upcoming sale of a 32.6 percent stake in NBG Pangaea Real Estate Investment Company.
The transaction between National and Invel, which is currently the biggest shareholder in the property investment company, is expected to be completed by the end of the month, after a three-month extension was granted at the start of the year.
According to the existing agreement between the two sides, the price is predetermined and is based on the average level of Pangaea's stock price during the last quarter of 2018, or about 4.9 euros per share.
Invel is expected to exercise its right to acquire NBG's stake in the REIC, with the active participation of Invel's shareholders - i.e. US investment group Castlelake and British investment fund Coller Capital.
This way they will further strengthen their holding in...