Specifically, ELLINIKO M.A.E., a subsidiary of the listed company, signed final contracts and pre-sale agreements for the sale of five plots of land with a total area of about 54,000 m2 in the "A-P3" Urbanization Area within the project in Elliniko (in the area that the Commercial Hub and The Ellinikon Mall are being developed).
The plots sold are:
OT A-P 3.11 with a total area of 15,065.03 sq.m
A-P 3.12 with a total area of 9,796.66 sq.m
A-P 3.10 with a total area of 12,503.07 sq.m
A-P 3.09 with a total area of 5,927.68 sq.m
A-P 3.02 with a total area of 9,776.3 sq.m
The total price of the sale of the five properties amounts to approximately €106 million, which corresponds to an average price of approximately €2,100 per sq.m. of buildable surface amounting to approximately 51,000 sq.m.
The price is four times the accounting cost as the total value of the specific five plots in the Company's books (acquisition cost including the corresponding infrastructure cost) on 31.12.2023 amounted to approximately €27 million or €531 per sq.m.
According to the company, LAMDA Development Group is expected, after the completion of all transactions, to recognize an accounting profit before taxes of approximately €76 million (including transaction costs) further enhancing the profitability and net cash flows of Phase A of the project .
The buyers, which are the international groups Brook Lane Capital and TENBRINKE and the Greek Hellenic Ergon and Daedalus Development, emerged after a competitive process, and will assume the cost of each development as well as the obligation to complete the residential developments in their entirety.
The total investment for these developments is estimated to reach at least €300 million.
The CEO of LAMDA Development, Odysseas Athanasiou, said in this regard: "The result of the sales highlights the significant goodwill that has already been created by the implementation of the project so far, which will continue at an increasing rate as the development of the wider project progresses in Greek. The total balance of residential developments amounts to approximately 1 million sq.m.'
