Piraeus Bank to buy additional stake in real estate company Trastor

A man walks past a branch of Piraeus Bank 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 majority stake in Trastor Real Estate Investment Company for around 98 million euros ($111.04 million). , the bank announced on Friday.

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

Upon completion of the transaction, Piraeus will trigger a mandatory takeover bid to purchase the remaining 3% stake in Trastor.

Christos Megalou, CEO of Piraeus Bank, said the transaction would immediately improve the bank’s fee income profile and further strengthen its expertise in the real estate sector.

($1 = 0.8825 euros)

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Reporting by Angeliki Koutantou; Editing by Jason Neely

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