Lamda reports €10.5M fair value gain from the revaluation of The Ellinikon Investment Property

Note that H1 2021 results included €306.1m positive impact from the revaluation, by an independent valuer, of the value of the Investment Property held by HELLINIKON. 

Excluding the expenses related to the development of The Ellinikon (€19.1m) and the financial expenses, that do not impact the cash balance, related to the accounting recognition of future obligations5 regarding The Ellinikon (€18.4m), the adjusted consolidated net results, after taxes and minority interest, amounted to €15.3m profit (vs. €237.2m profit in H1 2021).

The company reported that in July 2022, the SPAs for the two (2) first plots were signed and 50% of the total purchase price was collected. The estimated total revenues from the land plots sales, in Phase A, are estimated at c.€190m, after completion of the said sales. The construction costs are undertaken by the buyers of the land plots, while the designs and the supervision of the construction are assumed by HELLINIKON.

Ιn relation to reservations for the future purchase of apartments on the residential tower on the Coastal Front, customer deposits have been already submitted corresponding to c.90% of the net saleable area (NSA). The signing of the first SPAs is expected to commence in Q4 2022. Upon signing the SPA, 20% of the purchase price is collected. The estimated total revenues for all residential units, in Phase A amount to c.€600m, after completion of the said sales. 

Ιn relation to reservations for the future purchase of apartments in the complexes of luxury homes/apartments (condos) on the Coastal Front, customer deposits have been already submitted corresponding to approximately ¾ of the net saleable area (NSA). The estimated total revenues for all condos, in Phase A, amount to c.€270m, after completion of the said sales. 

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