Invel Completes $892M Greek Buy, Brings in York

ATHENS—Invel Real Estate Partners has completed acquisition of a 66% stake in NBG Pangaea Real Estate Investment Co. for $892 million (€653m), and it said Thursday that it has brought York Capital Management in as an investor to the tune of $171 million (€125m).

The deal between Invel and Pangaea was first announced in late November.

Pangaea is Greece's largest real estate investment company. It owns a portfolio of 269 properties that totals more than 7.5 million square feet and is valued at more than $1.3 billion. The portfolio includes nearly all of the main office buildings of National Bank of Greece and its bank branches, spread across various cities in Greece with concentrations in Greece's main regions of Attica and Thessaloniki. It is also in the process of acquiring Greek assets leased to the Hellenic state.

“York is privileged to partner with Invel and the National Bank of Greece on this important transaction.” said William Vrattos, head of global credit at New York/London-based York. “This investment demonstrates our continued confidence in the recovery and strengthening of the Greek economy and banking sector.”

Invel is headed by founder Chris Papachristophorou, formerly a managing director of Deutsche Bank and global head of RREEF Opportunistic Investments.

“Pangaea offers significant potential to become one of the leading real estate investment companies in Southern Europe and the Balkans and we aim to grow to over €2bn of assets over the next five years.” Papachristophorou said. “York Capital's investment demonstrates its trust in Invel's team and our investment approach and in particular with respect to the Pangaea transaction,”