The National Bank of Greece (NBG) has announced the launch of a new property investment arm which will focus on investment and management of real estate assets. The new unit, called NBG Pangaea Real Estate Investment Company, is fully owned by NBG and controls a portfolio of 241 commercial properties located in prime urban areas.

The National Bank of Greece (NBG) has announced the launch of a new property investment arm which will focus on investment and management of real estate assets. The new unit, called NBG Pangaea Real Estate Investment Company, is fully owned by NBG and controls a portfolio of 241 commercial properties located in prime urban areas.

The majority of the assets, mostly bank branches and office buildings, are leased to the bank and have a market value of around EUR 915 mln. NBG Pangaea REIC will engage in real estate investment and active management and operation of real estate assets.

The creation of NBG Pangaea Real Estate Investment Company was initially announced in January 2010.