Announcement regarding business developments
Acquisition of a company together with ORILINA PROPERTIES REIC for the development of c.61k sqm land plot next to the Mediterranean Cosmos shopping center
Maroussi, 27 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 that together with ORILINA PROPERTIES REIC (hereinafter “ORILINA PROPERTIES”) acquired LIMAR S.A., an SPV that owns land plots of 72,121 sqm, strategically located next to the Mediterranean Cosmos Shopping Center, in eastern Thessaloniki. The Company participates with a 20% stake in the SPV, with ORILINA PROPERTIES holding the remaining 80%.
ORILINA PROPERTIES and the Company will jointly develop the main plot of 61,415 sqm, with a view to maximize synergies with Mediterranean Cosmos as well as further enhance the area’s excellent prospects.
The remaining plots of c.10,700 sqm will be sold by LIMAR S.A. to ORILINA PROPERTIES.
The Company’s share of the acquisition price amounts to c.€1.5m.
