Record profits for Lamda Development’s retail assets; €1.7B in cash collections from The Ellinikon

The group’s four shopping centres recorded Operating EBITDA of €22.7 million, while adjusted Operating Malls EBITDA reached €24.9 million, representing a 5% increase compared with the corresponding period in 2025. The improvement was primarily driven by a 5% increase in base rents, as well as an 8% rise in parking revenue.

At the same time, footfall across the shopping centres increased by 5%, while the total turnover of retail stores reached a new historical high, amounting to €187 million in the first quarter of the year.

Strong record performance at Flisvos Marina

The contribution of Flisvos Marina was also significant, as the asset achieved a new record level of performance. Total revenues amounted to €6.3 million, while EBITDA increased by 12% year-on-year to €4.5 million, driven by high occupancy rates for permanent berthing positions, increased traffic from visiting vessels, and contractual adjustments to berthing fees.

Deals at The Ellinikon

The outlook is particularly positive for the commercial developments currently under construction at The Ellinikon. According to the company, Heads of Terms have already been agreed with tenants representing 70% of the total leasable area of The Ellinikon Mall and 76% of Riviera Galleria, confirming strong market interest and demand from international retail brands for both projects.

In terms of construction progress, concrete works at Riviera Galleria have been completed, while electromechanical installations and interior fit-out works are currently underway. For The Ellinikon Mall, construction of the structural framework has been awarded to TERNA S.A., with works commencing in the second quarter of 2026.

The total gross asset value (GAV) of LAMDA Malls’ property portfolio stood at €1.8 billion as of 31 March 2026, of which approximately €1.4 billion relates to the four shopping centres already in operation.

The Ellinikon project continues to represent the company’s primary growth driver. In the Little Athens neighbourhood, 671 apartments had been released to the market by 31 May 2026, of which 585 had already been sold or reserved, representing 87% of the total.

Revenue from residential developments reached €87 million in the first quarter, up 33% compared with the same period of the previous year. An additional €14 million in revenue was recognised from property sales, primarily office spaces.

The strong commercial performance of the project is also reflected in cumulative cash collections, which exceeded €1.7 billion from the start of the development through 31 May 2026. Cash reserves allocated to The Ellinikon project increased to €614 million as of 31 March 2026, compared with €567 million at the end of 2025, without requiring any drawdown of bank financing, despite the availability of an approved credit facility of €232 million.

Meanwhile, Riviera Tower reached its 50th and final floor, completing construction at its final height of 200 metres. The completion of the 44th floor triggered a contractual payment of approximately €60 million, further strengthening the company’s cash flows.

In February 2026, LAMDA Development also accepted a binding offer for the sale of two plots in the “A-P2” urban development area, for a total consideration of approximately €41.5 million, corresponding to an average price of €2,650 per square metre of buildable area.

Capital expenditure on buildings and infrastructure projects amounted to €126 million in the first quarter of 2026, bringing total investment in The Ellinikon development since its launch to approximately €1.115 billion.