The contribution of the residential real estate sector to Lamda Development’s revenues from Ellinikon is constantly increasing, given the general course of the market.
The company plans to launch additional residences (100 to 120 by the end of the year and 300 to 350 in the first quarter of 2026) with the average price per sq m. to be 8,600 euros.
Regarding the agreement with the Italian financial services technology group ION Group for the creation of the Research and Innovation Center within the Ellinikon area, an investment of around 1.5 billion euros, Lamda’s management estimates that the necessary permits, in order for the project to enter the implementation phase, will take 12 to 15 months.
The statements were made by Haris Goritsas (Chief Financial Officer) and Apostolos Zafolias (Chief Strategy & IR Officer) in the context of the analysts’ briefing.
Responding to a question regarding the group’s borrowing cost and following the early repayment of the 230 million euro bond in July, the company’s executives reported that it has been adjusted to 3.8% from 4%, while noting: “We are always open to restructuring our debt by improving its cost.”
According to information from “N”, Lamda is in contact with banks, considering the possibility of a new bond issue with the aim of raising capital above 400 million euros.
Investments
The total investments in Ellinikon has amounted to 744 million euros since the start of the projects, of which 210 million euros concern infrastructure projects and 534 million euros concern buildings, with Lamda executives noting: “We remain on schedule and within budget despite the difficulties of the construction market.”
By 25.08.2025, 559 apartments had been put on the market for sale. Of these, sales and reservations concern 522 apartments, i.e. 93%.
Lamda’s total receipts from Ellinikon have amounted to 1.36 billion, of which 950 million come from housing sales, while around 0.8 billion are revenues expected to be collected in the two years 2027-28 from apartments that have been sold or reserved.
Regarding the commercial leases at the two retail and entertainment destinations under development in Ellinikon, Heads of Terms (HoT) have been agreed with tenants for 64% of the Gross Lettable Area (GLA) at The Ellinikon Mall and 78% of the GLA at Riviera Galleria.
