The establishment of a special purpose company is envisaged
The establishment of a special purpose company of Brook Lane Capital with Hellenic SA Lamda Development was announced with the purpose of jointly developing a mixed-use tower in Ellinikon in the area of Vouliagmeni AvenueIn the announcement of.
The value of the investment amounts to 200 million euros and in the Brook Lane joint venture will hold 70% and Elliniko SA. 30%. Within the business center (Commercial Hub) a state-of-the-art Mixed Use Tower will be developed, consisting of office spaces, a luxury hotel and residences. The project will be delivered within the first five years of the Elliniko development.
The full Lamda Development announcement is as follows:
“LAMDA DEVELOPMENT S.A. (hereinafter the “Company”), in accordance with Regulation 596/2014 / EU and the Regulation of the Athens Stock Exchange, each as in force, announces the following regarding the emblematic work of Elliniko:
In the context of the implementation of the business plan for the development of the emblematic project of Elliniko, the Company and ELLINIKO SA concluded on 27.01.2022 a Framework Agreement with a company of the BROOK LANE CAPITAL group for the development of a state-of-the-art mixed use tower (“Mixed Use Tower”), inside the Business Center (“Commercial Hub”) in the area of Vouliagmeni Avenue, the which will be completed during the first five-year implementation phase of the Hellinikon project.
This cooperation concerns the implementation of a mixed use tower (“Mixed Use Tower”) consisting of office space, luxury hotel and residences, intended to be a landmark of the whole area. Subject to the fulfillment of the conditions provided in the above Framework Agreement, the development will be done through a special purpose company, in the share capital of which a company of the BROOK LANE CAPITAL group and HELLENIC SA will participate, at a rate of 70% and 30 % respectively.
The time it will take to complete the above sects is estimated at about six months.
The design of the Mixed Use Tower has been assigned to the leading international architectural firm AEDAS, while the management of the hotel and residences will be assigned to an internationally renowned management company (hotel operator).
The total investment for the creation of the Mixed Use Tower is estimated at € 200m. “