Pangaea Real Estate Investment Company (EBRD-50719)

Countries
  • Greece
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
C
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Mar 27, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
NBG PANGAEA REIC
The holder of the loan, grant, or other investment.
Sectors
  • Finance
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 55.71 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 50
Converted using 2019-07-29 exchange rate.
Loan Amount (USD)
$ 55.71 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 334.27 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported EUR 300
Converted using 2019-07-29 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 7, 2019

Disclosed by Bank Jul 29, 2019


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Project Description

According to EBRD website, the project supports the long-term growth of Pangaea by providing funding for new investments and supporting Pangaea's sustainable business development, while promoting its strategic focus on sustainability in terms of built assets and management. 

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors

Pangaea is the largest Greek REIC in terms of assets and has been listed on the Athens Stock Exchange since October 2015. As of December 2018, the Company had a portfolio of 349 commercial properties, mainly retail and office, amounting to EUR 1.8 billion across Greece (77.7%), Italy (14.6%), Cyprus (2.1%), Bulgaria (5.3%) and Romania (0.4%).

Contact Information

Theresa Messari
tmessari@nbg.gr
+30 210 33 40 098
www.nbgpangaea.gr
6 Karagiorgi Servias, Athens 105 62, Greece

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.