Piraeus Bank to buy additional stake in real estate company Trastor

Piraeus Bank (BOPr.AT) has agreed with investment firm Varde Partners to buy its controlling stake in Trastor Real Estate Investment Company for about 98 million euros ($111.04 million), the bank said on Friday.

Under the agreement, Piraeus, which now holds a 45 per cent stake in Trastor , will acquire an additional stake of 52 per cent in Trastor, it said.

Once concluded, the transaction will trigger a mandatory tender offer by Piraeus to buy the remaining 3 per cent stake in Trastor.

Piraeus Bank CEO Christos Megalou said that the transaction would instantly enhance the bank’s fee revenue profile and further bolster its real estate sector know-how.