US fund manager Castlelake and an unnamed institutional investor have become part of the consortium that owns the indirect majority stake in the largest real estate investment company in Greece.

In 2013, a partnership, including Invel Real Estate Management and York Capital Management, acquired a 66% stake in NBG Pangaea Real Estate Investment Company, the Athens-listed real estate investment trust, for around £660m (€756m).

Invel said that, as part of a reorganisation, existing partners in the consortium have sold their stakes to Castlelake and another major institutional investor.

Castlelake, on behalf of the funds it manages, the other institutional investor and Invel, have acquired a 49% indirect equity stake in Pangaea from previous investors.

The new investors, together with York Capital will own a 65% equity stake in Pangaea.

Invel’s founder and managing partner, Christophoros Papachristophorou, said: “We are delighted to have partnered on this landmark transaction with two new blue-chip institutional investors.

“We believe that Pangaea offers a very attractive platform for growth at an opportune time in the economic and property cycle. This investment represents a vote of confidence in Greece as a market for future growth, Pangaea as a vehicle to realise that growth and in Invel as an investment manager with highly institutional market expertise.”

Pangaea’s property portfolio, which was around €932m four year ago, now stands at €1.6bn.

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