NBG Pangaea

After decades of failed efforts, the Piraeus Tower - formerly the Piraeus Shipping Center - finally appears destined for utilization.

The annual general meeting of NBG Pangaea approved the real estate investment company's share capital increase on Wednesday, authorizing the board to complete it in the next 10 months.
Sources say the management's intention is to reach an advanced point in the procedure by the end of the year or in the first months of 2020.

Leading real estate investment firm NBG Pangaea secured a new injection of liquidity to refinance its borrowing on more favorable terms and continue its ambitious investment program through a 300-million-euro corporate bond.

The 390-million-euro sale of a National Bank stake in NBG Pangaea to Invel dominated Thursday's bourse session, which saw the majority of stocks end lower.
The Athens Exchange (ATHEX) general index closed at 725.56 points, shedding 0.81 percent from Wednesday's 731.49 points. The large-cap FTSE-25 index contracted 0.69 percent to 1,884.37 points.

The European Bank for Reconstruction and Development (EBRD) announced on Thursday it will finance Invel Real Estate's acquisition of a stake in NBG Pangaea, Greece's largest real estate investment company, in a bid to promote sustainable, environmental investments in the Greek real estate sector.

Real estate investment companies (REICs) are planning to develop new buildings and renovate existing ones this year as they seek more efficient ways of enhancing their property portfolios.

The completion of Invel's acquisition of National Bank's stake in NBG Pangaea Real Estate Investment Company is now just a matter of time, based on the agreement signed in late 2013 and amended in August 2015.

Leading real estate investment company NBG Pangaea signed an agreement on Monday for the acquisition of a portfolio of 21 properties, mainly in Cyprus and totaling 120,000 square meters, from CYREIT Variable Investment Company Plc, a subsidiary of Bank of Cyprus.

Local real estate investment companies and private investment funds spent 144 million euros on the acquisition of office spaces, stores and hotels in Greece in the first five months of the year.

Real estate investment companies (REICs) have invested 19 million euros in acquiring retail spaces in the first quarter of the year. This accounts for about 30 percent of their total investment of 54.3 million euros in the same period.