Lamda Development’s cash receipts from real estate sales in Ellinikon have reached 670 million euros until 27.05.2024.
According to the first quarter results announced by Lamda, the project of the major renovation of the former airport has become operationally profitable in almost 3 years (EBITDA 15.5 million compared to losses of 11.6 million).
In the meantime, following the successful sale of the residential developments on the coastal front of Ellinikon, there are about 206 reservations for the apartments in the Little Athens neighborhood or approximately 60% of the total that have been allocated.
In the first quarter of 2024, capital expenditures (CAPEX) of 46 million euros were made in Ellinikon, with total capital expenditures for buildings and infrastructure projects amounting to 361 million euros since the start of the project.
During the same period, Lamda had consolidated operating results (EBITDA) of 40.2 million euros against 8 million in the corresponding period last year, net results of 0.6 million against losses of 21.4 million, its total assets amounted to 570 million, its loans to 1,164 million and its investment portfolio to 3,466 million euros.
New record for the 4 shopping centers
The 4 shopping centers in operation achieved a new record Retail EBITDA of 22.5 million (up 8% compared to Q1 2023), mainly due to the increase in net base rental income (8%) and the increase in parking income ( 16%). The results were attributed to increased traffic, with visitors reaching 5.5 million (up 4%) and new store sales of 171 million (up 9%).
There was also significant progress in commercial leasing for the two under development retail and entertainment destinations in Ellinikon. Specifically, Heads of Terms (HoT) have been agreed with tenants for 70% of the Gross Lettable Area (GLA) at The Ellinikon Mall (formerly Vouliagmenis Mall) and 62% of the GLA at Riviera Galleria, as reported by Lamda, at higher prices compared to the shopping centers in operation.
