NBG Pangaea Real Estate Investment Company (ATSE:PANGAEA) agreed to acquire I&B Real Estate AD from GEK TERNA Holdings, Real Estate, Construction S.A. (ATSE:GEKTERNA) for €78.6 million on November 7, 2018. As part of the transaction, NBG Pangaea acquired the fully let office building of a total area of c. 54k sqm City Tower or Telus Tower for a purchase price of €78.6 million. The consideration for the acquisition of the shares of I&B Real Estate was based on the latter's net asset value of approximately €40.6 million. NBG Pangaea has already paid an amount of €0.05 million as prepayment and the transaction is expected
to be completed within 2018 subject to certain prior approvals.

NBG Pangaea Real Estate Investment Company (ATSE:PANGAEA) completed the acquisition of I&B Real Estate AD from GEK TERNA Holdings, Real Estate, Construction S.A. (ATSE:GEKTERNA) on January 2, 2019.