The acquisition of McArthurGlen Designer Outlet Athens by Lamda Development has closed. As stated in a relevant announcement, the 100% subsidiary of Lamda Development, LOVSMSA, acquired on 05.08.2022 100% of the company McArthurGlen Hellas Monoprosopi EPE, owner of the McArthurGlen Designer Outlet Athens discount village in Spata, Attica, from the company MGE Hellenic Investments S.àr.l.
The value of McArthurGlen Designer Outlet Athens amounts to approximately €109 million (Gross Asset Value), as determined by the valuation of the independent appraiser CBRE Axies on 31.12.2021.
The purchase price amounted to approximately €40 million, including the repayment of pre-existing loans granted by the company’s previous partners.
McArthurGlen Designer Outlet Athens is the leading discount village in Greece with a total leasable area of approximately 21,200 sq.m. and more than 100 shops, cafes and restaurants. Occupancy on 30.06.2022 was approximately 95% while the total traffic in conditions of full and unhindered operation (in 2019, before the pandemic) was approximately 4.2 million visitors per year.
The above transaction is part of the Company’s existing strategy which aims to further develop the activities and the portfolio of Shopping Centers.
Commenting on the said transaction, the CEO of the LAMDA Development group, Mr. Odysseas Athanasiou, said:
“This acquisition is an important strategic move as with the acquisition of McArthurGlen Designer Outlet Athens, which is a leading player in the discount center industry, we are further strengthening our leadership position in Retail, creating very important synergies for the benefit of visitors and partners with the company businesses.”
Co-CEO of the McArthurGlen group, Mr. Joan Jove, said:
“Since the opening of our center in Athens in 2011, we have been proud to work with our partner Bluehouse Capital to make it the first nationwide Designer Outlet shopping destination. McArthurGlen is confident that the center will continue to prosper under its ownership Lamda, and that visitors will continue to enjoy an unforgettable shopping experience in Athens. Our confidence in the dynamics of the discount sector in Europe remains and we will continue to focus our activity in the nine countries in which we operate.”
The Director The Director of the Bluehouse Capital company, Mr. Victor Pizante, said in this regard:
“We would like to express our appreciation to our colleagues at McArthurGlen for a decade of successful partnership. We are confident that Athens Designer Outlet will continue its strong operating performance under Lamda ownership.”