ATHENS – Piraeus Bank 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)
(Reporting by Angeliki Koutantou; editing by Jason Neely)
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