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ATHENS (Reuters) – Piraeus Financial institution has agreed with funding agency Varde Companions to purchase its controlling stake in Trastor Actual Property Funding Firm for about 98 million euros ($111.04 million), the financial institution stated on Friday.
Underneath the settlement, Piraeus, which now holds a forty five% stake in Trastor, will purchase a further stake of 52% in Trastor, it stated.
As soon as concluded, the transaction will set off a compulsory tender supply by Piraeus to purchase the remaining 3% stake in Trastor.
Piraeus Financial institution CEO Christos Megalou stated that the transaction would immediately improve the financial institution’s payment income profile and additional bolster its actual property sector know-how.
($1 = 0.8825 euros)
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