Signing of a Memorandum of Understanding (MoU) between HELLINIKON S.M.S.A. and ORILINA PROPERTIES REIC regarding a residential and commercial development on the Coastal Front in The Ellinikon
Maroussi, 8 June 2022
LAMDA DEVELOPMENT S.A. (hereinafter the “Company”), in accordance with Regulation 596/2014/EU and the Athens Exchange Regulation, each as applicable, announces the following in relation to the landmark Ellinikon project.
In the context of the business plan implementation for the development of the landmark Ellinikon project, HELLINIKON S.M.S.A. signed a Memorandum of Understanding (MoU) with ORILINA PROPERTIES REIC (hereinafter “ORILINA PROPERTIES”), under which the parties will consider the purchase by ORILINA PROPERTIES of the leasehold rights on parts of the Development Zone of the Coastal Front in the Ellinikon and in particular on land plots located in the wider area of the Marina Agios Kosmas.
The said plots, with a potential total buildable area of up to 5,790 sqm, are located between the residential tower, Riviera Tower, and the commercial destination, Riviera Galleria. Within these plots, ORILINA PROPERTIES will undertake the development of a residential building and other ancillary facilities (with a potential total buildable area of up to 4,565 sqm), and an additional development that will encompass areas for catering/dining, leisure, wellness, events as well as for the sale of catering related products (with a potential total buildable area of up to 1,225 sqm).
The total investment undertaken by ORILINA PROPERTIES for the said development is estimated at €70m.
The said MoU refers to the development of buildings that will form an integral part of the broader development of the specific area on the Coastal Front, as well as the overall development of The Ellinikon.