The cooperation between Lamda Development and Orilina Properties (Tryfonas Natsis and Brevan Howard) is becoming closer and closer.
The Memorandum of Understanding for an investment of 70 million euros in Ellinikon, was followed yesterday by an announcement of a second deal, which concerns the joint development of an area adjacent to the Mediterranean Cosmos shopping center, in Thessaloniki.
Read also: Lamda Development: See The Ellinikon Park
Specifically, Orilina Properties together with Lamda Development acquired LIMAR S.A., a special purpose company (SPV), which owns plots with a total area 72,121 sq.m., strategically located next to the Mediterranean Cosmos shopping center.
Lamda owns 20% of the SPV while Orilina owns the remaining 80%.
The area is located at the 12th km of the National Road Thessaloniki – Halkidiki, in the municipality of Thermi, next to the parking lot of Mediterranean Cosmos, at the northwestern edge of the area.
The newly established consortium “utilizing the power of the existing shopping center as well as the prospects of the city”, will develop a high quality building with a total area of 12,300 sq.m. mixed use, on the main plot that covers 61,415 sq.m.,
The rest of the area will be developed exclusively by Orilina, strengthening the building stock of the wider area.
The total investment is expected to reach 25m euros, according to Orilina Properties.
Lamda Malls
Lamda Development management has stated that it aims to secede from the shopping center sector, creating a separate entity that will be listed on the Stock Exchange in 2023.
According to Mr. Athanassiou, before being listed on the ATHEX, the entry of a strategic investor is being examined, while its future goal is to transform it into a Real Estate Investment Company.
American firm Varde Partners had invested in the company and Lamda has bought its stake (31.7%) for 109 million euros.
Apart from the three existing Lamda shopping centers (The Mall Athens, Golden Hall, Mediterranean Cosmos), which already in the last quarter had revenues better than those of 2019, both commercial developments of Ellinikon, as well as other properties, will probably join Lamda Malls.
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