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EBRD injects €50 m into Greek real estate sector to meet latest sustainability, eco-friendliness standards
The European Bank for Reconstruction and Development (EBRD) decided to exend a €50 million loan to Greece’s leading real estate company Pangaea to cater for the lates sustainability and eco-friendliness standards.
With the bank’s support, the company will introduce GRESB reporting, the Global Real Estate Sustainability Benchmark, which aims to enhance value by assessing and empowering sustainability practices.
Pangaea will also deploy €25 million of the loan for green investments in properties such as energy and resource efficiency, insulation and state-of-the-art technology to lessen their environmental footprint.
The loan will support the expansion of Pangaea’s portfolio and sustainable business development, while promoting its strategic focus on sustainability in terms of built assets and management. The funds will be complemented by a €250 million loan from the National Bank of Greece (NBG), which will be primarily used for balance sheet restructuring.
Pangaea is the leading real estate investment company in Greece. Its portfolio consists of more than 350 commercial properties, primarily office and retail buildings located in urban areas throughout Greece and in other key markets in south-eastern Europe.
The EBRD recently provided a €55 million loan to co-finance the acquisition of a 32.7 per cent stake in Pangaea by Invel Real Estate.
To date, the EBRD has made cumulative investments in excess of €3.1 billion in the property and tourism sector, where it specifically promotes sustainable and inclusive investments.
In Greece, the EBRD has invested over €2.7 billion in the corporate, financial, energy and infrastructure sectors of the Greek economy to date.
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