Profile

Print

LAMDA Development S.A., listed on the main market of the Athens Exchange, is a holding company specializing in the development, investment and management of real estate.

The company is the leading real estate developer in Greece as well as the undisputed leader in the shopping mall segment, with successful diversification in the office and residential sectors.

The company’s property portfolio currently includes: three commercial and leisure centers, The Mall Athens and Golden Hall in Athens and Mediterranean Cosmos in Thessaloniki (total GLA 157.000 sqm), office buildings, innovative residential complexes and Flisvos Marina in the Athenian Riviera. Despite Greece’s prolonged period of economic recession, the company’s shopping malls have delivered annual EBITDA growth of c.4% during the last 5 years, with the 2019 EBITDA reaching new record levels (c30% higher compared to the pre-crisis peak in 2009).

Since 2009, the company’s NAV has more than doubled from approximately €500m in 2009 to €1.15bn at the end of 2019. As of 30.09.2020, the company’s NAV amounted to €1.13bn, with the group net cash position at c.€190m. During the last 5 years, LAMDA has successfully tapped the capital markets to fund its growth plans, having raised on aggregate approximately €1.2bn (both through equity and debt). Recent successful capital raisings are a testament to LAMDA’s success. In December 2019, LAMDA completed the largest, among non-Banks, share capital increase in Greece during the last decade, amounting to €650m. The capital raising was 1.1x oversubscribed. Moreover, amidst the pandemic crisis, LAMDA completed in July 2020, with an overwhelming oversubscription, the issuance of a €320m Common Bond Loan through a Public Offering. This bond issue provided the opportunity to some 10 thousand Greek investors to participate in the landmark Hellinikon project, which is expected to play a crucial role in Greece’s economic growth in the coming years.

In 2014, LAMDA signed the contract with the Greek state for the acquisition of the shares of “Hellinikon SA”. The Hellinikon project includes the entire land area of the old Athens airport as well as the coastal front, totaling 6.2m sqm. The Hellinikon project constitutes one of the largest urban regeneration projects in Europe, and the largest urban regeneration investment ever in Greece, with the total investment estimated to reach €8bn over the next 15-20 years. During the first 5-year phase LAMDA has committed to implement, either itself or through partnerships/JVs with third party investors, investments worth €1.5bn. In this context, LAMDA signed in November 2020 a strategic cooperation agreement with TEMES Group, the leading investor, developer and operator of high-end tourism and real-estate destinations in Greece, for the joint development of two state-of-the-art, luxury hotels and branded residences on the coastal front of the Hellinikon project. The estimated overall investment in this specific hospitality project amounts to €300m.

The company has a top reputation as member of the Latsis Group.