Blackstone / GSO acquires 10% in Lamda Development
On 2 July 2014, seven Investment Funds, all managed by Blackstone / GSO Capital Partners LP (hereinafter the GSO Investment Funds) acquired 4,441,235 common registered shares with voting rights issued by Lamda Development S.A. (the Company), which represent a percentage of 10% of the Companys voting share capital, for a consideration of 20,207,619.25, corresponding to 4.55 per share, along with the respective 4,441,235 pre-emption rights to the Share Capital Increase for an additional consideration of 1,332,370.50, that is 0.30 per right, from Consolidated Lamda Holdings S.A. (hereinafter CLH). This transaction follows strong demand expressed to CLH from international investors.
In the context of this transaction, the Company entered in an agreement with the GSO Investment Funds and CLH pursuant to which, for as long as the GSO Investment Funds hold in total, directly or indirectly, at least 10% of the voting rights of the Company, the GSO Investment Funds shall be entitled to nominate one member of the Board of Directors of the Company, the GSO Investment Funds consent as shareholders will be required in order for the Companys general meeting of shareholders to decide on a significant change of the scope of business of the Company or the delisting of its shares from the regulated market, and the GSO Investment Funds will benefit from customary anti-dilution rights.
In relation to the above transaction, Odisseas Athanasiou, CEO of the Company said: We are very pleased with the strategic participation of Blackstone / GSO, one of the worlds leading investment firms, in the companys share capital. This cooperation further expands the international profile of our shareholder base and creates for the company new prospects in the Real Estate sector. This positive development is a further example of international investors giving credit and support to the growth prospects of the Greek economy.
Doug Ostrover, Founding Member and Partner of GSO, made the following statement: "We firmly believe that the Greek economy is beginning its recovery, and that LAMDA Development is uniquely positioned to benefit from the recovery and pursue the considerable real estate opportunities in Greece. We are excited to team up with the largest real estate developer with a leading track record and a first class shopping mall operator in Greece. We are very pleased about our investment in LAMDA Development and view this as a first step in what we hope to be many successful ventures with LAMDA and the Latsis Group."
This announcement is in accordance with the provisions of Greek Law 3340/2005 in conjunction with the relevant decisions of Hellenic Capital Market Commission.
The public is further informed that, in accordance with the provisions of Greek law 3401/2005 a supplement prospectus will be issued to the prospectus of the Company dated 19 of June 2014 and which will refer to the above mentioned transactions and agreements.
About Blackstone / GSO Capital Partners LP
Blackstone is one of the worlds leading investment and advisory firms. Blackstone seeks to create positive economic impact and long-term value for its investors, the companies it invests in, the companies it advises and the broader global economy. GSO Capital Partners LP is the global credit oriented investment platform of Blackstone. With approximately $66 billion of assets under management, GSO is one of the largest creditoriented alternative asset managers in the world. GSO, together with its affiliates, has made significant real estate-related investments through its investments in, among others, Hovnanian Enterprises, Inc., GSO Community Development Capital Group Fund LP, Miller Group, and Morris Homes. Further information is available at www.blackstone.com.
