In an announcement regarding the financing of Invel Real Estate’s acquisition of Pangaea REIC on Thursday, the European Bank for Reconstruction and Development (EBRD) said it was 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,” according to ANA.
The EBRD is offering a 55-million-euro loan, which will co-finance the acquisition of a 32.7 pct stake in Pangaea from its current owner, the National Bank of Greece.
The EBRD began investing in Greece on a temporary basis in 2015 to support the country’s economic recovery. The Bank has invested over 2.4 billion euros in the corporate, financial, energy and infrastructure sectors of the Greek economy, so far,” the announcement added.
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