Lamda Development S.A., listed on the Main Market of the Athens Exchange (ATHEX), is a holding company specialising in the development, investment and management of real estate properties. It is the leading real estate developer in Greece and the undisputed leader in the shopping centres sector, with successful diversification in the sectors of office and residential spaces.

Its property portfolio currently includes:

  • The Ellinikon – Agios Kosmas Metropolitan Park area that is currently being redeveloped (urban regeneration of the former Ellinikon airport and upgrading of 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, which also houses the Athens Olympic Museum and the XPLORE family leisure centre
  • Mediterranean Cosmos, the largest shopping and leisure centre in Northern Greece
  • Designer Outlet Athens, Greece’s premier designer outlet
  • the Marinas in Flisvos and Elliniko (Ag. Kosmas)
  • office buildings and
  • innovative residential complexes.

The company’s shopping centres recorded an average annual increase in EBITDA of approximately 4% in the five-year period 2014-2019, with EBITDA reaching record-high levels in 2019 (~30% higher compared to 2009). The company’s net asset value (NAV) has more than doubled, from approximately €500 million in 2009 to €1.32 billion at the end of September 2022.

Lamda Development has successfully raised capital, both from the capital markets and through bank financing, to fund its development plans. Specifically, since 2014, the company has raised approximately €1.12 billion in total through share capital increases and bond issues. In December 2019, the company completed the largest (excluding the Banking sector) share capital increase in Greece in the last decade, amounting to €650 million, which was oversubscribed by 1.1 times. Moreover, in the midst of the pandemic crisis, in July 2020, it completed the issuance of a €320 million Common Bond Loan through a Public Offering, which was successfully oversubscribed by 1.9 times. This issuance gave more than 10,000 Greek investors the opportunity to participate in the landmark project “The Ellinikon”, which is expected to play a crucial role in the economic development of Greece in the coming years. In addition, in July 2022, the company completed its first “green” bond issuance, amounting to €230 million (issuance of a Common Bond Loan through a public offering, which was successfully oversubscribed by 3.1 times), for the financing of green investments. Moreover, in April 2021, the company signed an agreement with Eurobank and Piraeus Bank on the main terms of a syndicated bank loan totaling €1.16 billion to finance the developments of the first five-year phase of the project.

In June 2021, Lamda Development Group acquired all shares of HELLINIKON S.M.SA., the company that holds the rights in rem to the property, as well as the rights to administer, operate and manage the respective facilities and infrastructure of the former Ellinikon airport and the coastal front. In this context, the company paid the first instalment of €300 million to the Greek State and submitted a letter of guarantee of €347 million. The Ellinikon project is one of the largest urban regeneration projects in Europe, which includes the entire land area of the former Athens airport, as well as the coastal front. During the first five-year development phase, Lamda Development has committed to implementing – either on its own or through partnerships/joint ventures with third-party investors – total investments amounting to approximately €2.1 billion (including investments in infrastructure projects). In the context of the implementation of the business plan for the development of the Ellinikon property, the company has already announced the following important business agreements: (a) a real estate sale agreement in the context of the strategic cooperation 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; (b) a framework agreement with Brook Lane Capital for the development of a state-of-the-art Mixed Use Tower in the Commercial Hub, in the area of Vouliagmenis Avenue; (c) agreements, as outlined in relevant MoUs, with major players in the Greek market. These concern, among others, (i) the sale of office space (Piraeus Bank), (ii) the sale of a property for the development of an office tower (Eurobank), (iii) the sale of a co-ownership share in a property (FOURLIS Group) for the development of a unique Retail Park in the Commercial Hub, in the area of Vouliagmenis Avenue, and iv) the sale of leasehold rights to properties for the development of a yacht club and residences in the wider area of the Marina of Ag. Kosmas (Orilina Properties); (d) agreements for long-term land lease (with the JV between Hard Rock and GEK TERNA for the development of the Integrated Resort Casino-IRC, and with ProdeaInvestments and CGS for the development of a school in the Ellinikon, which will be operated by CGS Ellinikon).

The majority stake in the company is held by the Latsis Group.