Lamda Development signed a contract with Prodea Investments for the sale of all the shares of its 100% owned subsidiary Lamda Ilida Office S.M.S.A.
This sale / transfer will be completed after the fulfillment of specific deferrals provided in the contract. The deadline for fullfilling the deferrals is 30.09.2021.
The purchase price of the shares will be equal to the value of the net worth (NAV) of the subsidiary, as it will be determined according to the specific terms of the contract on the date of completion of the transaction. The transaction is estimated to have no effect on the company’s financial results and will benefit Lamda Development group from the reduction of consolidated loan liabilities by 39.1 million euros (ie the nominal value of the subsidiary loan on 31.12. 2020).
The transaction is part of the company’s existing strategy that aims to focus its activities on the emblematic work of Elliniko and its shopping centers.
