Värde Partners Agrees to Sell Stake in Trastor REIC for €98 Million

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January 21, 2022

ATHENS and LONDON – Värde Partners, a leading global alternative investment firm, today announced it has agreed to sell its 52% stake in Trastor REIC (“Trastor”), a real estate investment company, to Piraeus Bank for €98 million. The deal will take Piraeus Bank’s total shareholding to 97%.

Trastor owns a portfolio of 59 real estate assets in Greece with a gross asset value of over €315 million across the retail, office and logistics sectors, comprising more than 238,000 square meters 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.

“Over the last five years we have significantly increased the size and quality of the company’s real estate portfolio, successfully acquiring more than 40 high quality assets, divesting non-core properties and upgrading existing sites,” said Tony Iannazzo, Senior Managing Director at Värde Partners. “We have had an excellent partnership with Piraeus over these years and believe the company is well-positioned to capitalize on the economic recovery as Greece emerges from the pandemic.”

Since 2016 Trastor’s asset base has grown from €60 million to more than €315 million while substantially improving revenue and profitability, culminating in the recent resumption of its dividend for the first time since 2012.

Mr. Christos Megalou, CEO of Piraeus Bank, added: “This transaction will instantly enhance our fee revenue profile and further grow our know-how around the vibrant and rapidly growing real estate sector. Trastor is one of the top-performing real estate platforms in South Eastern Europe and will constitute an investment tool for Piraeus Group to capture the extensive upside that the Greek market provides. This is yet another value booster for our shareholders, in our journey to create the best-in-class bank in Greece.”

The deal is expected to be completed in the first quarter of 2022 and is subject to customary approvals.

About Värde Partners

Värde Partners is a leading global alternative investment firm with roots in credit and distressed. Founded in 1993, the firm has invested $85 billion since inception and manages approximately $14 billion on behalf of a global investor base. The firm’s investments span corporate and traded credit, real estate and mortgages, private equity and direct lending. Värde has offices in Minneapolis, New York, London, Singapore and other cities in Asia and Europe. For more information, please visit www.varde.com

About Piraeus Bank

Piraeus Bank, 100% subsidiary of Piraeus Financial Holdings is the leading bank in Greece in terms of total market shares and branch network as at 30 September 2021, offering a full range of financial products and services to 5.5 million customers promoting sustainability and the principles of responsible banking. For more information, please visit www.piraeusholdings.gr

About Trastor REIC

Trastor REIC is the first real estate investment company to be established in Greece under law 2778/99 and it is listed on the Athens Stock Exchange (TRASTOR:GA). The Company invests in quality real estate assets and through active asset management delivers attractive returns to its shareholders. Trastor REIC is managed by an experienced team of professionals with extensive experience in the Greek real estate market. For more information, please visit https://trastor.gr/en/