Piraeus Bank lowers equity stake in Trastor to 39.4 pct

Piraeus Bank on Thursday announced that following an agreement reached with Wert Red Sarl in June 2016 for the sale of an equity stake it held in Trastor AEEAP and following a share capital increase – without the participation of the bank – its equity stake in Trastor fell to 39.4 pct from 57.9 pct.

Wert Red is based in Luxembourg and is owned by Varde Partners. Varde Partners is an international capital management company with a portfolio of 12 billion US dollars, focusing on credit and value creations, through investing in different geographical regions and different assets, such as real estate, corporate loans, mortgage loans, specialized funding, transport and infrastructure.