By T. Igoumenidi
ATHEX-listed Lamda Development this week announced that it plans to invest roughly two billion euros in the first five years of construction of the emblematic Helleniko property development in coastal southeast Athens, with company executives making the statement during an extraordinary general shareholders' meeting on Thursday.
The general shareholders' meeting was convened to achieve a 650 million-euro share capital increase, part of the property developer's stated intention of buying out its two consortium partners in the Helleniko privatization, Chinese multinational Fosun and Abu Dhabi-based Eagle Hills.
The share capital increase was one of the biggest in Greece's financial history, according to Lamda CEO Odysseas Athanasiou.
In a breakdown of the two billon-euro figure in the initial phase, Lamda pointed to 600 million euros from the share capital increase; 850 milloin euros from borrowing; 400 million euros from revenue expected from the pre-sale of 800 luxury residences at the site, as well as 150 million euros from a forthcoming bond issue.
Additionally, Lamda's leadership said its Lamda Malls subsidiary - which operates the Golden Hall in Athens and Mediterranean Cosmos in Thessaloniki - will be floated on the Athens Stock Exchange in approximately a year and a half, and following the inclusion of the The Mall Athens in the subsidiary's portfolio.