* Invel Real Estate to buy 66 pct of NBG's Pangaia property
* Greece's NBG to get 161 mln euros in cash under 653
ATHENS Nov 25National Bank of Greece,
the country's largest lender, said on Monday it has agreed to
sell a majority stake in its real estate arm Pangaia to private
equity firm Invel Real Estate in a 653 million-euro ($882
The sale, which was revealed last week, is part of a
restructuring by National Bank (NBG) aimed at boosting its
Greece's top four banks are being overhauled under plans
agreed with the European Union and the International Monetary
Fund in accordance with the terms of their bailouts and
involving job cuts, branch closures and asset sales.
Under the terms of the latest deal Invel will acquire 66
percent of Pangaia, NBG said in a statement, and will pay 161
million in cash, contribute equity in the form of real estate
and also take out a loan from NBG.
Several investment funds have recently bought stakes in
Greek companies, betting on the country's economic recovery
after six years of austerity-fuelled recession.
Pangaia's real estate portfolio includes office buildings,
branches operated by NBG and other property recently acquired
from the country's privatisation agency.
Pangaia will pursue a listing on the Athens stock exchange
in 2015, the statement said. Greece's bank bailout fund, the
HFSF which has majority ownership of NBG following its
recapitalisation in the summer, has approved the sale, the bank
(Reporting by Harry Papachristou; Editing by Greg Mahlich)