The transaction consideration amounted to €19.4m in cash. The property value, based on the independent appraiser’s valuation on 30.06.2023, amounted to c.€15.2m. The sale is expected to be completed by the end of January 2024 with the signing of the final contract.
The historic former Cecil Hotel in Kifissia, was converted on 2002 into a luxurious and highly-functional office complex offering 6,000 square meters of leasable space.
As a result of said transaction, LAMDA Development Group is expected to recognise in Q1 2024 an accounting profit, before taxes, of c€4m. Moreover, upon completion of the transaction, an amount of €5.3m debt related to the subsidiary LAMDA Prime Properties S.M.S.A. will be repaid (i.e. the nominal value of the loan on 30.09.2023), thus reducing the Group’s borrowings. Ultimately, the transaction (a) enhances Net Asset Value (NAV), (b) increases the Group’s cash reserves and (c) reduces the Group’s consolidated loan obligations.
The transaction forms part of the Company’s existing strategy aimed at focusing on its activities in relation to the landmark project in The Ellinikon, the Malls/Retail Developments (The Mall Athens, Golden Hall, Mediterranean Cosmos, Designer Outlet Athens, Vouliagmenis Mall and Riviera Galleria) as well as the Marinas.
