Lamda Development says all residential units sold; value at 1.1 bln€

ATHEX-listed property developer Lamda Development’s top management on Wednesday said future residences at the landmark Helleniko site in coastal southeast Athens have all be sold from the drawing board.

Lamda Development CEO Odysseas Athanasiou made the announcement during a regular general shareholders’ meeting in Athens, with the course of construction works at the massive project dominating the session.

Lamda bills its project, one of the biggest privatizations ever in Greece and one of the most prominent such property redevelopments in Europe, as The Ellinikon.
In addressing recent press reports claiming that Greece’s systemic banks are distancing themselves from the nearly eight-billion-euro investment, Athanasiou said Alpha Bank has joined lenders Piraeus Bank and Eurobank in the financing scheme for the project.

“More borrowing isn’t necessary for 2023, in fact, our borrowing needs are lower by 46 million euros. We may need to borrow in 2024 to cover VAT … borrowing in 2023 will be zero,” he stressed.

Referring to the sales dimension of the commenced project, he said all residential units have been sold, including tower apartments, condos and single unit residences within plots, i.e. villas. Athanasiou put the value of the sold units at 1.1 billion euros.

Of the latter figure, 274 million euros have already been collected, with another 700 million euros expected to enter the developer’s coffers by the end of the year.