Varde Partners in final stretch on Greece property
US based investment fund Varde Partners is in the final stage of its plans for the Greek property market after taking a majority stake in real estate company Trastor.
Buying interest in Greece’s real estate market has risen after prices plummeted by more than 40% due to the country’s crisis but the latest stand off between Greece and international creditors over austerity measures has increased uncertainty in the economy and hurt investor sentiment.
Via its Luxembourg based subsidiary Wert Red, Varde Partners upped its stake in Trastor to 54% from 33.8% previously, through a share capital hike completed last month.
The higher stake in Trastor, which owns some 24 properties across Greece, has forced Wert Red to launch a compulsory bid to acquire all of its remaining shares listed on the Athens bourse, as dictated by Greek law.
Piraeus Bank, which had majority control of Trastor, saw its stake slide to 39%.
Varde Partners is a $12 billion global alternative investment adviser focused on investing capital and resources across multiple markets that includes corporate assets and sovereign debt, residential mortgages and real estate.