Global alternative investment firm Värde Partners has agreed to sell its 52 per cent stake in Trastor REIC (Trastor), a real estate investment company, to Piraeus Bank for EUR98 million. The deal will take Piraeus Bank’s total shareholding to 97 per cent.
Trastor owns a portfolio of 59 real estate assets in Greece with a gross asset value of over EUR315 million across the retail, office and logistics sectors, comprising more than 238,000 sq m of total leasable area.
Värde Partners initially bought its stake in June 2016, in a deal that formed part of Piraeus Bank’s wider restructuring plan. Together, the shareholders have taken a number of steps to transform the business, including appointing a best-in-class management team, enhancing the company’s governance framework and executing a comprehensive value creation plan.
