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By March Lamda Development had collected 830 million euros from Hellinikon and the target for the end of 2024 is 1.1 billion euros.
This was reported yesterday by the management of Lamda Development during a teleconference with analysts for the presentation of the economic land results.
As highlighted, the properties coming up for sale are almost sold out with 6 remaining in Riviera Tower, 10 in Cove Residences, all 27 villas have been sold and 16 properties remaining in Coastal Front. As for the new Little Athens residential neighborhood, 140 out of 243 in total have been allocated. However, as pointed out, the properties were put up for sale in the last 2.5 months and the demand is high.
In fact, as revealed by the Managing Director of Lamda Development Od. Athanasiou, Savills has been entrusted with the organization of a relevant tender for the sale of 5 more plots.
The relevant tender concerns 5 plots of land, with a total buildable area of 50,000 sq.m. and the related offers “exceed 2,000 euros per sq.m.”, estimating that the process will reach a result within two months.
The management stated that Hellinikon might be the first project in the world to be financed by its own funds.
With regard to shopping centers, the administration characterized the progress of leases in its new developments as excellent. Already in Ellinikon Mall it has contracts with tenants for 70% and for Riviera Galleria for 53%.
In whatever market the listing of Lamda Malls as highlighted, conditions should improve.
A few days ago, the group completed the debt restructuring of Lamda Malls, achieving a reduction in the average interest rate to 4.7% from 5% at the end of 2023, thus obtaining financial cost savings of 5 million euros per year until 2030.