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Piraeus Bank to buy additional stake in real estate company Trastor -Breaking

by Mike Robinson

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© Reuters.

ATHENS (Reuters – Piraeus Bank announced Friday that it has reached an agreement with Varde Partners for the purchase of its controlling share in Trastor Investment Company, which is worth approximately 98 millions euros ($111.04M).

It said that Piraeus now has a 45% interest in Trastor. The agreement will allow it to acquire an additional 52% share of Trastor.

The transaction once completed will be triggered by a mandatory tender offering from Piraeus for the purchase of the remaining 3% share in Trastor.

Christos Megalou CEO, Piraeus Bank stated that this transaction would immediately increase the bank’s fees revenue profile and further strengthen its real-estate sector expertise.

($1 = 0.8825 euros)

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