Lamda Development, the concessionaire of the landmark Helleniko privatization in coastal southeast Athens, on Friday announced that it has updated primary conditions related to its syndicated borrowing contract with local lenders Eurobank, Piraeus and Alpha Bank.
The ATHEX-listed developer said it will save 173 million euros from updates, essentially a reduction in the amount of financing that the company requires, down to 944 million euros from an initial target of 1.117 billion euros.
Lamda said it has reduced borrowing needs for the residential and infrastructure portion of the urban development plan, from 394 million euros to 120 million euros.
Conversely, the land developer said the projected budget to complete the Vouliagmenis Mall and Riviera Galleria projects was raised to 575 million euros, up from 515 million euros. Similarly, Lamda said covering VAT remittances is now budgeted at 249 million euros, up from 205 million euros.
In a related development, both Lamda Develompent and the Hellenic Republic Asset Development Fund (HRADF), the country’s privatization agency, announced that the former’s subsidiary, Hellinikon Global, has paid a second installment of 166.65 million euros towards the latter, as part of the concession contract, by which the private company acquires 100 percent of the share capital of Helleniko S.A.
The second installment means that 51 percent of the total sum foreseen, 915 million euros, has been covered.
Lamda now bills the entire project, valued at up to eight billion euros, one of biggest real estate developments in Europe, as “The Ellinikon”.
Latest News
Orthodox Palm Sunday Today; Shops Open in Greater Athens-Piraeus Area
Orthodox Holy Week begins on Monday, April 29, and ends on Sunday, Easter Sunday or Great and Holy Pascha (May 5)
Greek Retailers Remain Optimistic About Easter Shoppers’ Turnout
While stores are expected to be open on Sunday, April 28, the majority of Easter shoppers will likely do their shopping during the Holy Week, following the deposit of Easter bonuses
Europeche: Greek Apricot Production Recovers
Europeche forecasts the production will bounce back despite a slight decrease in varieties attributed to high winter temperatures
Bank of Greece (BoG): Business-Household Deposits Up 1,675bln in March 2024
In March 2024, the monthly net flow of credit to the general government was negative by 469 million euros
FT: Greece’s Economic Rebound a Balance of Growth and Poverty
Eurostat data revealed a significant 10.8% drop in Greek public debt relative to GDP in 2023, alongside a 2% economic expansion, outpacing Germany's performance.
Lavrio Port Authority Next Up for Privatization
A deadline for the submission of expressions of interest is May 14, 2024
Eurostat: Greece Records Largest Drop in Natural Gas Prices in 2nd Half of 2023
The price of electricity and natural gas in Europe was down following a substantial surge that began before the Russian invasion of Ukraine and peaked in 2022
GEK TERNA Still Considers Leveraging Concessions Portfolio as Financial Tool
President and CEO of Gek Terna George Peristeris explained the company's plans on Tuesday on the sidelines of the inauguration of sections of Greece's E65 highway
NielsenIQ: 3% Supermarket Revenue Increase in Q1
Private label products are gaining traction, comprising 25.4% of shopping basket shares, up from 24.7%
Store Hours Change Today in Observation of Orthodox Easter
The President of the Athens Chamber of Commerce hopes the Easter period will provide a much-needed boost to retail traffic in the capital