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Piraeus Bank to buy additional stake in real estate company Trastor – Reuters

A man walks past a Piraeus Bank branch in Athens, Greece, January 17, 2022. REUTERS/Louiza Vradi

ATHENS, Jan 21 (Reuters) – Piraeus Bank (BOPr.AT) has agreed with investment firm Varde Partners to buy its controlling stake in Trastor Real Estate Investment Company for about 98 million euros ($111.04 million), the bank said on Friday.

Under the agreement, Piraeus, which now holds a 45% stake in Trastor , will acquire an additional stake of 52% in Trastor, it said.

Once concluded, the transaction will trigger a mandatory tender offer by Piraeus to buy the remaining 3% stake in Trastor.

Piraeus Bank CEO Christos Megalou said that the transaction would instantly enhance the bank’s fee revenue profile and further bolster its real estate sector know-how.

($1 = 0.8825 euros)

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Reporting by Angeliki Koutantou; editing by Jason Neely

Our Standards: The Thomson Reuters Trust Principles.

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