The Ellinikon: €1.85B in receipts, €1.4B invested and the next construction milestones ahead

However, construction progress and compliance with contractual deadlines have now become critical factors in determining the financial trajectory of The Ellinikon, as LAMDA Development enters a period of increased capital expenditure and significant financial commitments.

According to the nine-month results for 2026, total receipts from residential sales and land development amounted to €1.85 billion, while cumulative investments in buildings and infrastructure reached €1.405 billion. The company expects receipts to approach €2.1 billion by year-end, with construction expenditure reaching €1.6 billion.

Of the total receipts, €1.33 billion came from residential sales and €520 million from land sales and leases. Demand remains strong, with 82% of the 750 homes launched for sale at Little Athens having been sold or reserved. An additional €700 million in receipts is expected by 2028–2029 from residential units already released to the market.

Projects Progressing and Construction Delays

Construction activity is primarily focused on residential developments, commercial facilities and key infrastructure networks.

Works at Little Athens are gathering pace, while residential projects along the coastal zone are progressing according to schedule. Riviera Galleria is expected to be completed in early 2027, while the first facilities at Sports Park were delivered in July 2026.

By contrast, Riviera Tower and major infrastructure projects continue to face construction challenges, despite the progress reported by management.

Infrastructure works include the undergrounding of Poseidonos Avenue, internal road networks and connections to utility networks.

By the end of September, €349 million had been invested in infrastructure and €1.056 billion in buildings, excluding investments in shopping centres.

€1.16 Billion in Outstanding Commitments and €1.57 Billion in Debt

LAMDA’s balance sheet includes outstanding obligations relating to the acquisition consideration for the land, with a nominal value of €448 million, as well as remaining infrastructure investment commitments amounting to €714 million.

The company has shifted a substantial portion of its bond maturities beyond 2031 through two bond issuances totalling €850 million: a €500 million bond carrying an interest rate of 3.8% and maturing in 2032, and a €350 million bond carrying an interest rate of 4.2% and maturing in 2033. In July, the company repaid an earlier €320 million bond ahead of schedule.

The Group’s total cash and cash equivalents amounted to €726 million, of which €675 million was unrestricted. Some 74% of its debt carries a fixed interest rate or is hedged.

Revenue of €302 Million and the Growing Weight of Construction Expenditure

Revenue from The Ellinikon amounted to €301.5 million in the first nine months of 2026, compared with €329.5 million in the corresponding period of 2025. Residential revenue increased by 27% to €272 million, while land sales fell to €15 million from €105 million.

EBITDA before revaluations was negative at €59.6 million, compared with a positive result of €32.2 million in the corresponding nine-month period of the previous year.

At the same time, €408 million in proceeds from sales had not yet been recognised as accounting revenue, directly linking future profitability to construction progress.

Agreement with ION Group Remains Pending

The €450 million agreement with ION Group remains pending and represents one of the most significant planned land development transactions at The Ellinikon.

According to the company’s nine-month 2026 results announcement, the two parties are continuing negotiations to resolve key commercial issues, with the aim of reaching a definitive agreement by the end of the year.

The initial agreement, announced in August 2025, provides for the payment of €450 million to LAMDA Development for the acquisition of land and the development of an International Research and Innovation Centre, representing a total investment of more than €1.5 billion.

Finalisation of the transaction is particularly important for The Ellinikon’s financing strategy, as it could significantly strengthen future cash receipts from the development and utilisation of the land.