"Change of course" and launch of a subsidiary for Lamda Malls to list in the Athens Stock Exchange that seems to be carried out by Lamda Development. According to the CEO Mr. Odysseas Athanasiou comments during the Annual General Meeting of shareholders "real estate companies are not fashionable " and trading share price on the board would be less than their commercial valuation.
In fact, as he explained to the company's shareholders, there is no need for liquidity at this stage and that is the reason why the IPO will take place when the right moment is decided.
He added that the developments of the two new malls within Ellinikon have secured financing, both from equity and from bank financing, so that there is no need to draw funds from the market.
Regarding the new developments, he mentioned that the Riviera Galleria mall in the Marina of Agios Kosmas will begin construction in 2024. It is recalled that the contractor is METKA and the project budget is 120-130 million euros.
The Ellinikon Mall (formerly Vouliagmenis Mall), in which preliminary excavation work has begun by Aktor, is a larger investment project that exceeds 500 million euros. Mr. Athanasiou emphasized that the stock trades at a discount of 18%, which is smaller than the equivalents of the largest real estate companies in the world. "We have reached a point where the plots on which the residential projects will be developed have a greater value than what they write in our books," he said characteristically.
Steppping foot in the serviced apartments sector
An important part of the residential real estate market that is also popular abroad, but not in the local market, is this of the serviced apartments. Lamda Development announced its entry into the sector from which aims to increase liquidity. According to the company's management, the initial investment in the sector will be with €225 million in a residential project that Lamda is developing with Xeris Ventures of Spyros Latsis, in the Little Athens neighborhood. The joint venture's activity is the construction and operation of four building complexes.
Finally, as the managing director of Lamda Development, Odysseas Athanasiou, revealed from the podium, a tender is underway for the sale of five plots of land with a total area of 50,000 sq.m. with €2,100/sq.m., which is expected to be completed at the end of next month. The goal is to develop homes and make them available for sale to potential buyers.
