Lamda Development’s total cash receipts from property sales in The Ellinikon (until 15.05.2025) amounted to 1.18 billion, with the company, however, reporting a decrease in revenue and profits in the first quarter.
The cash balances attributable to The Ellinikon amounted to 290 million on 31.03.2025 (compared to 292 million on 31.12.2024), while for another period, bank loans for the major development at the former airport were not disbursed despite the existence of an approved credit line from the lending banks of 232 million euros.
Specifically, in the first quarter, Lamda (Group) sales amounted to 105.8 million from 141.7 million in the corresponding quarter last year, consolidated operating results (EBITDA) to 17.4 from 40.2 million, while the final result is a loss (before taxes 10.9 million from profits of 7 million and after taxes losses of 10.6 million from 0.7 million).
Apartment sales
As emphasized by the company’s management, apartment sales in the Little Athens neighborhood are progressing and by mid-May, 559 apartments were available for sale, and of these, interest has already been expressed for 472 apartments or 84%. Furthermore, income from residential developments in the first quarter of 2025 amounted to 66 million, an increase of 116% compared to the corresponding period in 2024.
Capital expenditures (CAPEX) in The Ellinikon for buildings and infrastructure projects reached 81 million, with the total amount at 644 million euros since the start of the project.
Regarding the progress of the projects, as noted, among other things, the first sports fields are expected to be delivered to athletes within the second quarter.
In the meantime, Heads of Terms (HoT) have been agreed with tenants for 63% of the Gross Lettable Area (GLA) at The Ellinikon Mall and 77% of the GLA at Riviera Galleria.
In February, a bank loan of 185 million (including 39 million for VAT financing) was signed to finance the construction and operation of Riviera Galleria. Concreting works are underway in all buildings of the Riviera Galleria complex and excavations have been completed at The Ellinikon Mall with the remaining construction being in the final stage of tendering.
The gross asset value (GAV) of the Lamda Malls group on 31.03.2025 amounted to 1.5 billion, with the value of the 4 shopping centers in operation at 1.2 billion euros.
The 4 shopping centers in operation recorded Retail EBITDA of 22.7 million in the first quarter from 22.5 million mainly due to the increase in base rents (5% increase compared to the corresponding period in 2024).
