Lamda Development S.A., listed on the main market of the Athens Exchange, is a holding company specialising in the development, investment and management of real estate. It is the leading real estate developer in Greece as well as the undisputed leader in the shopping centres sector, with successful diversification in the office space and the residential sectors.

Its property portfolio currently includes:

  • The Ellinikon, consisted of the area of the old Athens International Airport and the coastal front
  • The Mall Athens, the first and largest shopping and leisure centre in Greece
  • Golden Hall, an internationally renowned shopping and leisure centre that is also home to the new Olympic Museum of Athens and the XPLORE family entertainment centre
  • Mediterranean Cosmos, the largest shopping and entertainment centre in Northern Greece
  • Flisvos and The Ellinikon Marinas
  • office buildings, and
  • innovative residential complexes.


The company’s shopping centres recorded an average annual increase in their operating profitability (EBITDA) of approx. 4% in the five-year period between 2014 and 2019, with EBITDA reaching record-high levels in 2019 (~30% higher compared to 2009). Since 2009, the company’s net asset value (NAV) has more than doubled from approximately €500 million in 2009 to €1.10 billion at the end of 2020.

Lamda Development has successfully raised capital, both from the capital markets and through bank financing, so as to fund its development plans. Specifically, since 2014, the company has raised almost €1.12 billion in total through share capital increases and a bond issue. In December 2019, it completed the largest (excluding the banking sector) share capital increase in Greece during the last decade, amounting to €650 million, which was 1.1x oversubscribed. Moreover, in the midst of the pandemic crisis, it completed, in July 2020, the issuance of a €320 million Common Bond Loan through a Public Offering, which was 1.9x oversubscribed. This bond issue provided the opportunity to more than 10,000 Greek investors to participate in the landmark project ‘The Ellinikon’, which is expected to play a crucial role in Greece’s economic growth in the coming years. Moreover, the company signed an agreement with Eurobank and Piraeus Bank for the terms of a syndicated bank loan totalling €1.16 billion to finance the development of the first five-year phase of the project.

In June 2021, Lamda Development acquired all shares of HELLINIKON S.A., the company owning the property, facilities and infrastructure of the former airport at the Hellinikon municipality and the coastal front. In this context, it paid to the Greek State the first instalment of €300 million, while it also submitted €347 Deferred Payment Bond. The Ellinikon, with a total area of 6.2 million m2, includes the entire land area of the old Athens airport and the coastal front. It is the largest urban regeneration project in Europe, with the total investment estimated to reach €8 billion over the next 15 to 20 years. During the first five-year phase of the development, Lamda Development has committed to implementing – either on its own or through partnerships/consortiums with third-party investors – investments amounting to €1.6 billion, as well as investments in infrastructure projects amounting to approximately €400 million. In this context, in November 2020 it signed a strategic cooperation agreement with TEMES Group, the leading investor, developer and operator of high-end tourism destinations and real estate in Greece, for the joint development of two state-of-the-art luxury hotels and residential complexes on The Ellinikon coastal front. In addition, the company has so far signed agreements totalling €177 million related to the sale of office space of a total area 40,000 m2 (agreement with Piraeus Bank) and to the sale of 30,000 m2 land plot for the development of a unique Retail Park within the shopping centre development on Vouliagmenis Avenue (agreement with FOURLIS group).

Latsis Group is the majority shareholder of the company.