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Establishment of NBG PANGAEA by NBG

Athens 
01/04/2010

 

National Bank of Greece (NBG) announces the completion of the process for the establishment of its 100% subsidiary “NBG PANGAEA Real Estate Investment Company”. The company’s real estate portfolio consists of 241 commercial properties (mainly bank branches and office buildings) located in prime urban areas, which are leased mainly to NBG. According to the recent valuation performed by the Greek Body of Certified Valuers (SOE), the market value of the company’s real estate portfolio amounts to €914 million. NBG Pangaea REIC will engage in real estate investment and active management and operation of real estate assets.