The infrastructure projects are also in full progress, such as the Poseidonos Avenue Underpass, a project of vital importance for the unification of the coastal front with the large park of The Ellinikon. In this particular project, AVAX Group has been selected as the Main Contractor.

At the same time, in collaboration with the Antipollution and Intergeo consortium, the soil and water decontamination works are progressing rapidly. The project, which incorporates pioneering international practices, started implementation in 2022 and will have been completed by the end of 2023.

The flood prevention projects are also in full progress. Through them, the new modern city of The Ellinikon is being “shielded” against the consequences of climate change, which are already visible. As part of this project, the Trachones stream is being delimited and its bed is being released with the aim of revitalizing the local ecosystem and creating a green recreation area. The project will be delivered in July 2024.
Simultaneously, the state-of-the-art ready-mix concrete units of TITAN Group and Lafarge Beton, a HERACLES Group company, are already operating within the construction site. These units will ensure in terms of circular economy, the maximum possible utilization of recycled concrete products, in line with international standards.

The first project completed and delivered to the public by LAMDA Development in December 2021 is the Ellinikon Experience Park. It is a 70-acre park with visitation that exceeded all expectations. There were over 1.5 million visitors by the end of May 2023. The Ellinikon Experience Park is the first, small part of the larger Ellinikon Park, which, in its full development, will span 2 million sq.m. and become the largest coastal urban park in Europe.

In Spring 2022, LAMDA Development created the largest and most technologically advanced visitor centre in Europe, The Ellinikon Experience Centre, where one can digitally explore the project of The Ellinikon. It is housed in one of the three hangars of the Civil Aviation, which have been declared as modern landmarks.

The project of The Ellinikon has already generated global interest. This is evident from its significant presence in major media outlets in the European, American, Middle Eastern, and Asian markets in recent months. Features on the project’s uniqueness, which will contribute, above all others, to the further development of Greece, have been published in more than 1,500 articles in media including The Sunday Times, Washington Post, Le Figaro and Forbes.

The Ellinikon is being developed amidst international uncertainty and geopolitical instability, which create inflationary pressures in the global markets, energy, and construction materials. However, LAMDA Development is fully shielded and has ensured the financial needs for the first phase of the project. Specifically, we have already raised €650 million through the Share Capital Increase in December 2019, and an additional €550 million from two bonds in July 2020 and July 2022.
At the same time, the ever-increasing buyers’ and investors’ interest already ensures additional revenue for the project, minimizing its borrowing needs.

Until June 2023, the total receipts from real estate sales (signing of a notarial deed) as well as from deposits made by customers for the future acquisition of residences, amount to approximately €274 million.

The above figures fill us with optimism as it seems that the residential developments of The Ellinikon – Riviera Tower and Cove Villas and Residences – are progressing exceptionally well.
The total gross revenue from the sale of all the above-mentioned apartments amounts to €1.2 billion.

In addition to the successful course of residential developments, at the beginning of 2023 the first instalment of €30 million was also collected from the sale of plots within the framework of the strategic cooperation with TEMES S.A. for the development of the two luxury 5-star hotels that include branded residences in the coastal front. Recently, an agreement was signed in collaboration with Mandarin Oriental Hotel Group for the management of Mandarin Oriental, Athens. This refers to the hotel and the branded residences that will be developed on the coastal front of The Ellinikon, with a horizon of opening in the summer of 2027.
At the beginning of 2023, the first instalment was collected for the concession of the land for the Integrated Resort Casino (IRC) by the GEK TERNA-Hard Rock consortium.

The Ellinikon is a part of LAMDA Development’s diverse presence on the business map. 2022 was a landmark year for our Malls (The Mall Athens, Golden Hall, Mediterranean Cosmos) as a new historical record of operating profit of €69million (+51% compared to 2021) was achieved, while the inclusion in our portfolio of the largest discount village, McArthour Glen which has been renamed to Designer Outlet Athens, already offers significant benefits to the portfolio. It should be noted that the value of the investment portfolio (GAV) for our Malls surpassed the landmark of €1 billion for the first time in its history.

These developments end, in the best way, the parenthesis of the effects of the pandemic and demonstrate in practice the prospect of the company.

At the same time, in the midst of adverse market conditions and rising interest rates, we completed the issuance of the first Green Common Bond Loan amounting to €230million, with a record participation of private investors in a bond issue. The funds raised will be used for the development and construction of new green properties, as well as for the energy upgrade of our existing buildings, such as the malls and the marinas. In addition, investments will be made in the field of acquisition and development of smart systems in The Ellinikon project, aiming, amongst others, at reducing consumption, saving energy and protecting water resources.

Dear Shareholders,

In a year of unpredictable international developments, we remained committed to our goals and vision.

However, nothing would have been possible without the continuous support of our shareholders and, in particular, our main shareholder, Dr Spiros Latsis, who demonstrates practically and in every possible way, his unwavering trust in LAMDA Development.

Finally, on behalf of the Board of Directors, I would like to warmly thank the people of LAMDA Development, who implement our vision in the best possible way.

Odisseas Athanasiou
CEO, LAMDA Development S.A