Pangaea puts off plans to raise 400 mln euros in debt

Pangaea puts off plans to raise 400 mln euros in debt

Pangaea real estate investment company put off ambitious plans on Thursday to raise 400 million euros in corporate debt due “to volatile and adverse market conditions.”

The company, majority owned by Britain's Invel, was looking to raise the money to refinance existing debt and pay for new acquisitions as part of an aggressive expansion strategy.

"The company will continue to monitor the debt capital market," it said in a statement.

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Pangaea’s decision to raise capital on debt markets is being closely watched in the sector where are a number other players have similar plans.

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Apart from being among the largest real estate investment companies (REIC) in Greece, it is also the property arm of National Bank with a portfolio of more than 330 commercial properties.

A growing number of Greek companies have been turning to corporate debt to meet their capital needs as the Athens stock market struggles amidst Greece's weak economic recovery and low liquidity levels.