Discussions about Hellinikon landmark-buildings are advancing
Discussions about Hellinikon landmark-buildings are advancing

Discussions about Hellinikon landmark-buildings are advancing

Lamda Development is proceeding with the preparation of the big project in Hellinikon on a feverish pace, given that the agreement with the public sector for the transfer is expected to be completed sometime during the first months of 2021, as stated at yesterday's Extraordinary General Meeting by the CEO of the group, Odysseas Athanassiou.
RE+D magazine

The preparation for the Hellinikon project continues at a fast pace. Within the first months of 2021 the decisions by the CoF and the completion of the transfer of shares.

The projects concern the demolition of buildings in the area of ​​the old airport (old Olympic Airlines Company) and the fencing of the plot.

The project in Hellinikon is progressing rapidly

Technical studies for infrastructure projects related to roads, telecommunications infrastructure and irrigation projects are already underway.The architectural studies for the buildings that will be delivered in the first 5 years are also at an advanced stage, the issuance of building permits being the next step.

As Mr. Athenassiou said, Lamda Development is at an advanced stage of discussions with various consortia for agreements regarding landmarkbuildings (the office Tower with and hotel area on Vouliagmeni Avenue and the residential Tower on Paraliaki Ave.) "that we want to begin within the next 15 months", recalling the important deal recently concluded with TEMES for the development of the two hotels, located on the coast.

Regarding the bidding process undertaken by Deloitte and Savills from the field of specialized real estate consultants, "both Greek and foreign investors will have the opportunity to participate, with the aim of them being completed within the first half of 2021". Mr. Athanassiou pointed out that there is a strong investment interest for the big project on all fronts.

The lockdown hit for Malls

The company's malls continue to receive a strong blow from the restrictive measures, however, as Mr. Athanassiou underlined, the new method of purchases outside of the store (click away) has helped to stimulate the turnover of the stores. "The traffic these days remains at reasonable levels, of course, and the company continues to support its tenants by decreasing rents by 80% in January-February," he said, concluding that "we hope that with the help of the vaccine in a few months, things will return to normal."

New board of directors

The election of a new Board of Directors, the appointment of independent members and the distribution of shares (stock option) were among the key issues approved by yesterday's Extraordinary General Meeting of Lamda Development shareholders.

According to the company's decisions, leading names of Greek business such as Eftychios Vasilakis of Aegean, Giorgos Gerardos of Plaisio, Vassilis Katsos of VNK Capital and Odysseas Kyriakopoulos, now form the Board of Directors of the listed company with the participation of two new members, Mrs Calypso Maria Nomikou and Mrs. Ioanna Papadopoulou. The two "strong" ladies have been on the boards of large groups, such as A.M. Nomikos Transworld Maritime Agencies, international shipping company and international shipping companies, S&B Industrial Minerals and Greek NGOs in the case of the first and the well-known cookie industry, as well as Alpha Bank and Titan in the case of the second. The General Meeting approved the program of distribution of shares to executives and staff of the company and its affiliated companies in the form of stock options. The initial number of rights amounts to 5.5 million shares, which corresponds to 3.1% of the share capital and will be given to executives who will exercise their rights. There is an additional number of 2.3 million shares (1.556%) so that they can be exercised in 4.668% of the company's share capital. The price was set at 6.70 per share.