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What might exactly be the "brake distributor" as my mechanic called the part?
Could it be the Master Cylinder?
It seems that this Brake Distributor part is leaking on my car, and I can't find it from BMW here in Greece, so I would have to look for it elsewhere

Any suggestions on this part... Where should I look for it? W&N ?

I think indeed it is the master brake cylinder.

Any suggestions on the part?
W&N have it but I hear various things about them, although up to now I haven't had any problems with them

I think what you need is a repair kit: part number 34311156133.

I havent done it myself though..

Mechanic says he prefers the full part
I don't know why, I'll have a check if I find the time later to pass by and have a look, but anyway, the prices in W&N of the two parts, as I see, is almost the same (99 euros the full cylinder, and 95 for the repair kit - or do I need to buy both? does the master cylinder come empty or something?)

If WN provides a decent brand like Até (which is OEM) then you can just order a new unit for 99 Euros then, that is a complete and assembled unit.

www.mister-auto.com has it

It finally was the pressure regulator, and not the master cylinder
These differences in names from English to Greek is what makes things difficult..

So that's the thing mounted at the inner wing which regultates the brake pressure between front and rear?

Mounted on the inner wing yes. Just under the servo (if that's how it's called)
Distributing between fron and rear? Don't know, however, probably yes, it has 4 pipes connencted on it, and the models after 1979 have only three - if that's of any help

34331116365

And here's a pic: