In 2024, LAMDA Development achieved remarkable results, with the EBITDA before valuations of the four operational shopping centers reaching a historic record of €88 million, reflecting a 9% increase compared to 2023. Visitor traffic significantly increased, reaching 25.6 million, demonstrating the steady preference of the public.
Sales at the stores in the four commercial destinations reached €865 million (a 5% increase compared to 2023), setting new record levels, while the total portfolio value reached a historic high of €1.2 billion.
The company’s strength is further reinforced with the development of two new, innovative commercial destinations, The Ellinikon Mall and the Riviera Galleria. Heads of Terms have already been agreed for 63% of the GLA at The Ellinikon Mall, confirming strong retailer interest, while 76% of the GLA has been secured for the Riviera Galleria.
Construction Works
According to the company, construction work is in full progress, with The Ellinikon Mall having completed the excavation phase and the tendering process for the contract underway, while at the Riviera Galleria, concreting work has already progressed across all buildings of the complex. The development of the Riviera Galleria has secured a €185 million bank loan (including €39 million for VAT financing), signed in February 2025, with participation from Eurobank, Piraeus Bank, Alpha Bank, and Attica Bank.
Enhanced Visitor Experience
The continuously upgraded visitor experience is at the core of the company’s strategy, with its four shopping centers hosting 637 stores, including 79 dining areas and 11 entertainment and cultural spaces, offering options that go beyond the traditional shopping experience.
The occupancy rate is near 100%. In 2024, the brand portfolio was strengthened with the addition of 50 new stores, including significant brands such as Nespresso, JD Sports at The Mall Athens, Ma Cherie, Alviero Martini, ENA Athletics at Golden Hall, McDonald's, KOI at Mediterranean Cosmos, and Zadig & Voltaire, Jacks & Jones, and Starbucks at Designer Outlet Athens. Additionally, 53 store renovations were completed in Athens and Thessaloniki in 2024.
Upgrading the Facilities
The company remains committed to the continuous upgrading of its spaces, investing in new technologies, sustainable solutions, and infrastructure that enhance the visitor experience. Its strategy focuses on increasing efficiency and innovation, creating a more customer-friendly, sustainable, and productive environment. Notably, the landscape at all shopping centers has been enriched, new hanging-out areas have been created, and security systems and parking management equipment have been upgraded.
In parallel, a new energy upgrade plan was implemented in 2024, including the installation of photovoltaic systems at all shopping centers, the replacement of energy-intensive cooling and heating systems, and the replacement of conventional light bulbs with energy-efficient LED lighting. Additionally, 60 electric vehicle charging points were installed in parking areas.
At The Mall Athens, the renovation of both interior and exterior spaces is progressing rapidly, creating new recreational areas, sustainable interventions, and innovative dining concepts. During the year, the Urban Roof Garden was inaugurated, a unique new space with panoramic city views, offering visitors a groundbreaking experience. Similarly, at Mediterranean Cosmos in Thessaloniki, the renovation of the outdoor plaza is completing, enhancing both the aesthetic and functionality of the space.
The year ended with the acquisition of 10 new ISO certifications for both the managing company and each shopping center in the categories of quality, environment, energy, health, and safety.
With a steady growth trajectory, continuous investments, and adaptation to new consumer trends, LAMDA Development is shaping the future of Greek retail, positioning its shopping centers as top destinations that exceed the expectations of both visitors and partners.
