NBG Pangaea Real Estate Investment Company completed the acquisition of I&B Real Estate AD from GEK TERNA Holdings, Real Estate, Construction S.A..
NBG Pangaea Real Estate Investment Company (ATSE:PANGAEA) agreed to acquire I&B Real Estate AD from GEK TERNA Holdings, Real Estate, Construction S.A. (ATSE:GEKTERNA) for 78.6 million on November 7, 2018. As part of the transaction, NBG Pangaea acquired the fully let office building of a total area of c. 54k sqm City Tower or Telus Tower for a purchase price of 78.6 million. The consideration for the acquisition of the shares of I&B Real Estate was based on the latter's net asset value of approximately 40.6 million. NBG Pangaea has already paid an amount of 0.05 million as prepayment and the transaction is expected
to be completed within 2018 subject to certain prior approvals.
NBG Pangaea Real Estate Investment Company (ATSE:PANGAEA) completed the acquisition of I&B Real Estate AD from GEK TERNA Holdings, Real Estate, Construction S.A. (ATSE:GEKTERNA) on January 2, 2019.