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COMPANY NEWS

Lamda Development Adds Three New Projects

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Lamda Development (LAMDA) will realise three new projects with a total budget of 90 million euro this year.

The most important one is the development of an 85,000 sq m property in Spata, Attica, where a new 60 million euro shopping mall will be constructed. Sources said that big retail chains have already expressed their interest in the project.

The second investment is the construction of an office block in the affluent suburb of Kifissia, Athens. Lamda Development owns 50% of the property and the investment will cost around 19 million euro.

In a third property, also situated in Kifissia, Lamda Development plans to construct a luxury house complex by investing 9 million euro. 

Lamda Development plans to raise the contribution of housing from a current 7% of turnover to 25%, at the same time reducing the percentage of office spaced o 5% (from 14%). Commercial development will remain the companys prime activity, contributing around 65% of revenues.

The total value of projects, both completed and under way, amounts to 778.6 million euro, 454.4 million of which represent three malls in Greece (The Mall Athens, Mediterranean Cosmos, Golden Hall). Investment under way is currently estimated at 503 million euro while this figure will rise to 700 million euro by the end of the year. Lamda Development plans to invest abroad, in countries like Bulgaria, Romania, Serbia, where it is already present, and in new markets like Turkey, Ukraine, Russia and Egypt.

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