Real estate company

Piraeus Bank buys additional stake in property company Trastor By Reuters

© Reuters.

ATHENS (Reuters) – Piraeus Bank has reached an agreement with investment firm Varde Partners to buy its controlling stake in Trastor Real Estate Investment Company for around 98 million euros ($111.04 million), it said on Friday. the bank.

Under the deal, Piraeus, which now has a 45% stake in Trastor, will acquire an additional 52% stake in Trastor, he said.

Once completed, the transaction will trigger a mandatory takeover bid from Piraeus to buy the remaining 3% stake in Trastor.

Piraeus Bank CEO Christos Megalou said the transaction would instantly improve the bank’s fee income profile and further strengthen its know-how in the property sector.

($1 = 0.8825 euros)

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