The REIC announced that, on 8 December 2025, it executed a notarial preliminary agreement with the National Bank of Greece for the sale of 100 properties—constituting nearly the entirety of the bank branches held in its portfolio—which are currently leased by the Bank. The portfolio had originally been transferred to what was then National Pangaea REIC twelve years earlier, with the intention of its subsequent sale to Invel Real Estate.
The total consideration for the transaction amounts to €510.7 million, with the transfer of ownership to occur concurrently with the closing of the transaction.
According to the announcement, a portion of the consideration will be paid upon the fulfilment of specific precedent conditions, the most significant of which is the required approval by Prodea’s General Meeting of shareholders. The extraordinary General Meeting has been scheduled for 29 December 2025, pursuant to a resolution of the Board of Directors.
General Meeting approval is necessary because the transaction falls under Article 23 of Law 4706/2020, as the portfolio being divested represents more than 51% of the company’s total asset value.
The final notarial agreement is expected to be executed once all contractual conditions—typical for transactions of this magnitude—have been satisfied, and in any case no later than 22 May 2026.
