LAMDA Development sells downtown property to journalists' Insurance Fund
LAMDA Development sells downtown property to journalists Insurance Fund
DIMIOURGIA S.A., a LAMDA Development Group subsidiary, has signed a preliminary agreement with the Journalists Auxiliary Insurance and Health Fund to sell to the latter a building now owned by DIMIOURGIA at 18 Sissini Street in downtown Athens. This is the first sale realized by DIMIOURGIA as a LAMDA subsidiary. The sale is expected to contribute 1.7 billion GRD (4.988.994) to the companys turnover for year 2001.
The Sissini 18 property is in downtown Athens, near the Athens Hilton Hotel, the Athens Concert Hall and the US Embassy, within walking distance from the Metro station at the Concert Hall, and 100 meters from the inner ring road of Athens.
The property is an office building with 3,000 square meters of floor space plus 2,200 square meters of underground parking (56 parking spaces). The design of the building is modern, with an insulated aluminum and glass facade, built to withstand strong earthquakes.
The project will be completed by October 2002, at which time the building will be delivered to its buyer. With this transaction LAMDA Development achieves a rapid return on its investment and sets the foundations upon which to successfully develop and manage its subsequent projects, and also to expand its business operations.
