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NBG Pangaea secures 2 new institutional investors

Invel Real Estate Management Ltd., private investment firm Castlelake LP and another institutional investor acquired a 49% indirect equity stake in NBG Pangaea Real Estate Investment Co. from previous investors.

Invel brought on the new institutional investors in order to establish Pangaea as "the leading listed [real estate investment company] in Southeastern Europe," according to a release.

Pangaea is the largest listed real estate investment company in Greece, with a portfolio of more than 330 commercial properties worth around €1.6 billion.

ReedSmith, Baker & McKenzie and Dentons advised Invel on the transaction.