Pangaea takes to the road to reach investors
NBG Pangaea Real Estate Investment Company will take to the road to meet with investors in a bid to raise money to finance its expansion plans at home and abroad, the company said on Wednesday.
The news comes after Pangaea, the real estate arm of National Bank of Greece, indicated last week that it is looking into issuing a bond worth more than 250 million euros.
"NBG Pangaea Real Estate Investment Company is arranging a series of investor meetings in Europe and monitoring its opportunities to access the debt capital markets," the company said in a statement.
Greek real estate investment companies have been snapping up local properties in a bid to take advantage of price drops in the broader market of more than 40 percent in the last eight years. Pangaea spent more than 30 million euros on new property deals in the first quarter of the year and plans to keep up this pace.
The company currently holds 338 real estate assets, 83 percent of which are in Greece, with the remainder in Italy, Cyprus and Romania. Nearly of its assets are fully leased and rental yield returns stands at 7.8 percent. The company currrently earns about 120 million euros from rents per year.