Lamda Development forecasts one bln euros in residence sales alone in first 5 years of project

ATHEX-listed Lamda Development, the concessionaire for the landmark Helleniko privatization in coastal southeast Athens – now billed as The Ellinikon project – on Wednesday cited very brisk sales and interest in new upscale residences, tower apartments, lots and commercial space in at least two shopping centers ringing the site.

In terms of nine-month 2022 results, Lamda Development, which owns the majority stake and manages the The Mall Athens, Golden Hall, Mediterranean Cosmos and the Designer Outlet Athens, reported Malls EBITDA of 48 million euros, up 54 percent compared with the same period of 2021 (up 50 percent like-for-like).

Group consolidated operating results (EBITDA) fell to 35 million euros, down from 329 million euros in the Jan-Sep period of 2021, which the developer attributes to the first-time consolidation of the Ellinikon project.

Conversely, consolidated net results (after financial expenses, taxes and minority interest) posted a 55-million loss, versus a 210-million-euro profit in 2021.

Adjusted consolidated net results (after financial results, taxes and minority interest) fell to 9 million euros in profits, down from 239 million euros in profits in 2021.

The total portfolio value (GAV) of the Ellinikon project amounts to 1.9 billion euros.

The total portfolio value (GAV) of the Malls exceeds one billion euros, following the consolidation of the newly acquired Designer Outlet Athens.