LAMDA Development appoints new CEO as Ellinikon enters a defining phase

After 18 years as Chief Executive Officer, Odysseas Athanassiou will hand over the reins to Evi Kostaki on 1 January 2027, leaving behind a group with approximately €5 billion in assets, a net asset value (NAV) of €1.5 billion and a landmark development that is gradually transitioning from construction sites to a fully functioning urban environment.

With delays, rising construction costs and outstanding infrastructure requirements remaining key challenges, the new management team will need to demonstrate that this ambitious undertaking can evolve into a functioning city capable of generating sustainable economic value.

The incoming CEO, who brings more than 25 years of international experience and most recently served as Group CFO of Swiss banking group Julius Baer, is taking over at a time when Ellinikon is entering what may prove to be its most demanding phase: the delivery and operation of its facilities and the fulfilment of commitments to buyers, investors, the state and local communities.

The next management team’s greatest challenge is no longer solely a construction-related one. As Odysseas Athanassiou explained at a press conference, the coastal area of Ellinikon is expected to welcome its first residents in 2027, while new commercial facilities and leisure infrastructure will also begin operations. Residential developments, marinas, retail outlets, public spaces and sports facilities will need to function together as an integrated urban ecosystem.

“The first challenge will be operating a new city,” was the outgoing CEO’s central message.

To support this transition, LAMDA has already established a dedicated Facility Management unit, which will be responsible for serving residents and visitors and coordinating services associated with the development’s day-to-day operations.

This transition creates a new business dimension for the group, extending beyond property development and sales. Facility management, resident services and the operation of shared infrastructure are becoming increasingly important to the investment’s long-term value.

Traffic Congestion and Infrastructure

One of the most significant outstanding challenges remains access to Ellinikon and the additional traffic burden on the wider area. According to Athanassiou, the company has submitted proposals to the government and funded studies for interventions along the coastal avenue, Vouliagmenis Avenue and connections to fixed-track public transport. However, he noted that the relevant public infrastructure projects have yet to advance at the required pace.

Athanassiou acknowledged that the simultaneous operation of residential developments, commercial facilities, marinas and leisure areas would place additional demands on an already congested road network. The issue is particularly important because Ellinikon’s operational success will depend not only on the quality of its buildings and public spaces but also on how easily people can access them.

Financial Discipline

In her first statement, the incoming CEO, who has extensive experience in mergers and acquisitions, investment management and business transformation, identified the fulfilment of the company’s commitments, growth in recurring revenues from its shopping centres and marinas, and the maintenance of financial discipline as key priorities. This approach takes on particular significance following the cost overruns and delays recorded at Ellinikon.

Athanassiou acknowledged that the original timetable had proved overly optimistic, attributing some of the deviations to supply chain disruptions, the energy crisis, rising construction costs and labour shortages. He also admitted, however, that certain management forecasts had not materialised and that some decisions could potentially have been taken more quickly.

The company has already taken steps to strengthen its in-house construction capabilities, reducing its dependence on intermediary contractors and seeking greater control over project execution.

No New Investments Outside Ellinikon

Despite the change in leadership, LAMDA does not plan to redirect its attention towards new investments in the immediate future, according to Athanassiou.

“At least for the next two years, I do not expect anything to take place outside Ellinikon,” the outgoing CEO stated, clarifying that the company’s strategy remains focused on completing the existing investment.

This approach reflects a decision to concentrate resources and management attention on a project that still entails substantial construction, financing and operational requirements.

At the same time, the new management team will need to capitalise on the recurring revenue base generated by the group’s four shopping centres and marina operations, while maintaining a balance between growth, liquidity and returns.

Athanassiou’s New Role and the Latsis Family

Odysseas Athanassiou’s departure from executive management does not mean that he will sever all ties with the group. From 1 January 2027, he will take on an advisory role at Consolidated Lamda Holdings, focusing primarily on relations with institutional stakeholders and government authorities.

At the press conference, he clarified that he would remain available to support the incoming CEO should she request his assistance, while emphasising that she must have the autonomy required to fulfil her role. His continued institutional involvement is significant given the complex relationships developed with the state, local authorities and the various bodies involved in the implementation of Ellinikon.

Athanassiou revealed that he had discussed his intention to step down as CEO with Spyros and Alex Latsis as early as September 2025, setting a transition period of 12 to 15 months.

At the same time, he categorically dismissed the possibility that the Latsis family would divest its investment in Ellinikon, emphasising that Alex Latsis remains actively involved and is strongly committed to the group’s continued development.

As for his personal plans, Athanassiou said he intends to pursue new entrepreneurial initiatives with a creative and strategic focus, without returning to a CEO position. He also did not rule out the possibility of the Latsis family participating in some of these ventures.