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Lamda Developments RevenuesBoosted By Shopping Malls

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The two shopping malls of Lamda Development in Athens and Thessaloniki prove profitable despite the difficult conjuncture.

 

Sales in “The Mall Athens” and “Mediterranean Cosmos” grow both in 2007 and the first quarter of 2008, offering liquidity to the real estate developer. The rent paid to Lamda Development and the co-proprietors (HSBC in The Mall and Sonae Charagionis in Mediterranean Cosmos) of the two shopping malls depends on sales.

 

In the first quarter of 2008, revenues from the two malls rose by 12.5% to 13.5 million euro. Revenues from The Mall reached 8.9 million euro compared to 7.9 million the same time last year. Revenues from Mediterranean Cosmos rose to 4.6 million euro. Lamda Developments share from the malls corresponded to revenue of 7.2 million in total.

 

The two shopping malls are expected to remain profitable throughout 2008. In 2009, Lamda Development will inaugurate its new mall in Athens, called Golden Hall.

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