Invel completes €600m landmark refinancing

Invel Real Estate, the real estate investment and asset manager focused on southeast Europe and other select European markets, has completed the refinancing of the facilities used to acquire its 95 percent share in Prodea Investments SA, the largest REIT in Greece.

The newly issued €600 million ($612 million) 15-year bond was fully subscribed by the National Bank of Greece and Piraeus Bank.

The refinancing follows the launch by Prodea in July 2021, a green bond in real estate in Greece, with a seven-year maturity and a 2.3 percent fixed interest rate.

“This refinancing is a hugely important milestone for Invel and comes at a key timing as Prodea has embarked on its new strategy to further enhance its exposure to energy-efficient buildings and new-generation logistics warehouses,” said Chris Papachristophorou, managing partner and founder of Invel. “Over a short period of time and against a backdrop of challenging macroeconomic conditions, our team has