Real estate investor Pangaea sees sharp rise in 2016 profits


Greek real estate investment company Pangaea, a subsidiary of National Bank of Greece, reported Wednesday a sharp jump in profit last year after having increased its portfolio significantly.

The company said that net proift hit 53.5 million euros, up 25% from the previous year.

Pangaea chief executive Aristotelis Karytinos said in a statement the company aims to raise capital of betweeen 250 million to 400 million euros from international equity markets "as soon as the economic conditions allow it" to expand its portfolio and make the company's share more liquid and attractive to foreign investors.

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The group’s real estate portfolio currently consists of 333 commercial properties (mainly retail and offices), of a total leasable area of 899 thousand sq.m.. Most of the properties are located in Greece, with fourteen properties in Italy and two properties in Romania. The fair value of the Group’s investment property as of the end of last year stood at 1,5 billion euros.