The new seven-year bond loan aims to raise up to €485 million after deducting issuance costs, estimated at approximately €15 million (including VAT).
The financing will cover the development and construction costs of projects, including construction-related VAT, for residential and/or commercial properties. Indicatively, the projects set to benefit include Cove Residencies, Park Rise, Pavilion Terraces, Sunset Groves, Atrium & Trinity Gardens, Promenade Heights, and Mainstream Apartments.
Should a portion of the funds not be used for the above projects, Lamda intends to allocate them to other investments within the Elliniko project, in line with the Group’s business plans. Any additional costs beyond the raised capital will be covered through revenues of ELLINIKO S.A. from land and property sales, rental income, and potentially additional borrowing.
The overall redevelopment of the Metropolitan Pole of Elliniko – Agios Kosmas covers an area of 6.2 million sq.m., making it the largest urban redevelopment project in Europe. The project will transform the former airport and coastal front into a smart, sustainable city, featuring residential areas, commercial centers, cultural spaces, recreational infrastructure, and Europe’s largest coastal park, spanning 2 million sq.m.
The value of the Metropolitan Pole’s investment properties has steadily increased, from €935 million in 2023 to €1.036 billion in 2025, with Lamda emphasizing that this growth is closely linked to changes in construction and infrastructure costs. The Group’s total debt obligations amount to €1.1799 billion, with a significant portion relating to previous bond loans (KOD 2020 and 2022).
