Greece's NBG Inks $882M Sale Of Majority Stake In RE Arm

Law360, New York (November 25, 2013, 4:36 PM EST) -- The National Bank of Greece said Monday it has signed an agreement to sell a majority stake in its real estate branch, National Pangaea REIC, for €653 million ($882 million) to Invel Real Estate II BV in an effort to prop up its capital base.

The deal, which follows rumors earlier this month, is part of NBG’s restructuring effort to strengthen its capital position and prepare Pangaea for its planned listing on the Athens Stock Exchange in 2015.

The deal includes a cash payment of €161 million by...
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