CORRECTED-UPDATE 1-Greece's NBG nears deal to sell property unit-sources

Mon Nov 18, 2013 8:23am EST
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(Corrects NOV 17 story to show Steinmetz a co-investor, not major shareholder in Invel, paragraphs 5,6)

* Invel Real Estate to buy about 66 pct of NBG's Pangaia property unit

* Deal to be partly financed by NBG

By George Georgiopoulos

ATHENS, Nov 17 (Reuters) - National Bank of Greece , the country's largest lender, is close to clinching a deal to sell a majority stake in its fully-owned real estate arm Pangaia to private equity firm Invel Real Estate, two bankers close to the deal told Reuters on Sunday.

The sale is part of restructuring efforts by National Bank (NBG) aimed at boosting its capital base.

Greece's top four banks are implementing restructuring plans agreed with the European Commission as part of conditions imposed for their bailouts. The plans involve job cuts, branch closures and asset sales.

"The agreement will close in the next 10 days. Invel will acquire about 66 percent of Pangaia for more than 600 million euros ($808.47 million)," one of the bankers told Reuters.

Invel will pay part of the purchase price for Pangaia in cash, contribute equity in the form of real estate and finance the rest with a loan from National Bank, the bankers said.   Continued...