LAMDA Development strengthens its position in the real estate market by acquiring 100% of real estate companies DIMIOURGIA S.A. and OLYMPIA S.A.
Just two months after its incorporation, LAMDA Development is advancing with strong moves that guarantee its competitive advantage in the Greek real estate market.
Today LAMDA Development announced that it has acquired the entire stock of real estate companies DIMIOURGIA S.A. and OLYMPIA S.A., pursuing a series of business moves announced in the shareholders assembly of 20 January 2000.
LAMDA Development CEO Lambros Anagnostopoulos has made the following statement:
LAMDA Development was created to play a leading role in the Greek real estate market, an objective that we are pursuing step by step. The acquisition of DIMIOURGIA and OLYMPIA are part of the companys basic business strategy to scale up its involvement in the development, operation and management of real estate and other high yield projects. The long experience of our new assets, their international know-how, and the quality of their real estate portfolios will offer to LAMDA Development a strong basis which will create the necessary dynamic to fulfil LAMDAs forthcoming business objectives.
OLYMPIA Real Estate S.A. was founded in 1930, and its portfolio includes high quality real estate with significant margins to increase in value.
DIMIOURGIA Real Estate S.A. was founded in 1961 and has long experience in real estate Project Development and Management. It has also undertaken the Construction Management of large mostly private projects, including planning, design and construction supervision.
The projects undertaken by DIMIOURGIA include the rehabilitation of a 6,000 square meter heritage building in Kifissia, consisting of office space, which it will subsequently operate and manage; construction management of the Eleusis Hospital burn unit building project, and the planning and design of many real estate development projects which will be announced soon.
The companies were assessed by an independent international assay company, which set their acquisition value at 11 billion GRD ( 32,281,731.47).
Please note that LAMDA Development owns 29.9 % of EFG Properties, a company whose other stockholders include the Deutsche Bank with a 20 % share.
