Lamda Development: Infrastructure projects begin in Elliniko

of Eleni Botas

The management of Lamda Development aims to start the infrastructure works in Elliniko in June as well as to strengthen the portfolio of Lamda Malls both by concentrating all the existing commercial units of the group under one umbrella and a possible acquisition of a large shopping center.

As the CEO of the group Odysseas Athanassiou stressed during yesterday’s presentation of The Ellinikon Experience Center, the demolition of the buildings within the Elliniko area has already been completed, while the first infrastructure projects are expected to start in June, which include the 200 meters of underground .

Also in the next period is expected to be the tender for the contractor who will make the excavations for the residential tower so that the project can begin in October.

The construction of the residential tower will begin in about a year and is very likely to be done by the Intracat consortium, which together with the French Bouygues have been selected to provide consulting services before the construction of the project.

Regarding the increase in the cost of materials, Mr. Athanassiou pointed out that he is in favor of negotiations and good communication and not in favor of legal avenues for the contracts that have been signed.

“In the tenders that are taking place now, the cost has been agreed with the manufacturers, however, if the situation, which is strange, in terms of prices escapes, we will sit down to discuss it with the contractors, we will not go to court.

“The works for the skyscraper will start in ten months, that is, in March 2023, and then the new data and offers will be scanned,” he said.

Regarding the malls, Mr. Athanassiou left open the possibility of acquisition in order to further strengthen the portfolio of Lamda Malls, with the ultimate goal of strengthening it and then listing it on the stock exchange.

It is recalled that the group announced the acquisition of the remaining 31.7% of Lamda Malls by Värde Partners in the context of the latter’s divestment, while the listed company also proceeds to the establishment of a new special purpose company for malls in Elliniko, Lamda Ellinikon Malls Holdings “.

Lamda Malls will also contribute the malls that will be created in the area of ​​Elliniko, such as the “Vouliagmenis Mall” with 72,000 sq.m. of rentable space and 20% larger than The Mall Athens in Maroussi, as well as the Marina Galleria in Agios Cosmas.

At the same time, Mr. Athanassiou announced that new investments of 30 million euros will be made in The Mall Athens, while regarding the performance of the shopping centers, he stressed that in April this year the Golden Hall and the Mediterranean Cosmos moved upwards, while a slight decline was presented by The Mall Athens.

Regarding the issuance of a new bond, as Mr. Athanassiou said “the financing of the project is fully secured, however, we must look at the possibilities we have, to always do the best possible. If there is an estimate that over time the “It may be in our interest to move to a new bond this year.”

At the same time, revenues of around 300 million euros are expected in the first half of 2023 from sales to Elliniko.