According to Mr. Odysseas Athanasiou, CEO of Lamda Development during the company's Annual General Meeting, the new entity Lamda Malls is estimated to file for listing in the Athens Stock Exchange in the second half of 2024. The company will comprise 6 shopping centers and more in particularly the 4 that already operate and 2 more that are under development in the Ellinikon project.
According to the company's management, 2022 was a record year for Shopping Centers with EBITDA at €68.6 million, of which €3.7 million pertain to McArthurGlen (now DesignersOutlet), which was acquired for a price of €40 million. Mall occupancy reaches 99%.
They continue this upward race in the first quarter of 2023 with EBITDA at +36% (for the 4 Malls and +20% for the 3 Malls compared to last year) and sales +38%. Mr. Athanasiou also highlighted the dividend opportunity for shareholders with the entry of Lamda Malls to the board.
100% occupancy in both marinas
The CEO of Lamda Development mentioned, among others, the satisfactory course of the two marinas (Flisvos and Agios Kosmas) managed by the company. As he said, both have 100% occupancy with 310 and 337 seats respectively. EBITDA reaches 17 million and registers an increase of 21% compared to the corresponding period of 2021. Accordingly, the turnover reaches €28 million, registering an increase of 26% compared to 20221 which constitutes 30% of the total domestic installations.
The Ellinikon
Regarding the major regeneration of Hellinikon, the CEO of Lamda presented the progress of the developments underlining that especially in the residential properties, everything has been sold. Commenting on the need for financing, Mr. Athanasiou said that no further borrowing is required for 2023, but he admitted that it might be needed from 2024. of apartments amounts to €1.1 billion.
Until June 15, €274 million have been collected against this amount, while by the end of 2023 it is expected that this amount will reach €600 million. The management of the group estimates that there will be additional collections of €100 million in total 2023 from the various joint ventures and contracts for other developments within Hellinikon (TEMES, Orilina, FOURLIS, etc.).
The sale prices of the plots for the villas in Elliniko were set at €3.5 million / acre, for the apartments of Pyrgos in Marina from €10,000 per sq.m. up to €32,000 per sq.m. on the top floors, and from €9,000 per sq.m. up to €14,000 per sq.m. for the condos. The head of the group did not fail to compare the Project's sales with similar projects in Dubai.
Management plans to add approximately 1,000 new residences to the second phase of development, in addition to the 40-50 apartments expected to be created in the Mixed-Use Tower with a hotel and branded apartments (which they are jointly developing with Brooklane). The residential developments that are already in the study phase concern buildings located on the Trahonon stream (on the side where the property is adjacent to Alimos) but also on the side of Posidonos Street. For the planned new homes, according to his estimation, the prices are expected to range from €7,000 – €15,000 per sq.m.
Circular economy in focus
Mr. Athanasiou placed great emphasis on projects that contribute to the circular economy, such as, among others, the large and unique for European level soil and groundwater decontamination-remediation project. In the ongoing project at the site of the former international airport more than 6,500 tonnes of contaminated soil has been treated and cleaned in a dedicated area within the site, while 5.5 km of fuel pipelines have been removed from a depth of 2-3 meters running along the runways for aircraft refueling. The water table, which was contaminated by the leaks of this old pipeline, is being cleaned. In collaboration with the consortium Antipollution and Intergeo, the entire amount of soil and groundwater is reused (e.g. for the needs of the construction projects in Elliniko) further reducing the environmental footprint of the project. This process started in 2022 and will be completed in 2023.
