Lamda Development announced the sale of 2% of its own shares to a company owned by Greek shipowner George Prokopiou.
According to an announcement by Lamda Development, this sale is part of a wider strategic cooperation between the two parties, which includes the development of an educational institution with an International Curriculum and further developments for residential and office spaces as part of the Ellinikon project, in an area of 86,000 sq.m.
The deal between Lamda and George Prokopiou took place at a price of 7.10 euros, with the shipowner paying a premium of 0.60 euros/share compared to the current share price on the Athens Stock Exchange (6.5 euros).
Of course, let’s not forget that Lamda’s current market capitalization of 1.1 billion euros is at a significant discount to its net asset value of 1.4 billion euros.
Regarding the share capital of the listed company, the Latsis Group through Consolidated Lamda still controls 43.8% of the share capital, with Voxcove (Olympia Group and Katsos family) owning 10%. On its part, the Brevan Howard fund maintains 6.3%, while EBRD and Aegean Airlines follow with percentages of 1.8% and 1.7% respectively.
