Lamda Development announced signing two strategic cooperation agreements with TEMES SA for the joint development of two state-of-the-art, luxury 5-star hotels and the corresponding branded residences on the coastal front of the Ellinikon, with a construction completion horizon of these developments at the end of 2026.
More specifically, an agreement between BELT Riviera SA and HELLINIKON SMSA (the company’s 100% subsidiary) regarding the purchase by the former of 100% of the freehold rights of a property with an area of 80,011 sqm in the development zone “ CF-D2” of the Metropolitan Pole Elliniko-Agios Kosmas, on which, according to the initial plan, the following will be developed: a 5-star hotel with 160 keys, large outdoor spaces and iconic dining and entertainment outlets by the sea, a luxury Beach Club, a Health Club with recreation, fitness and beauty facilities, also accompanied by a residential complex of 17 luxury branded homes/apartments with unobstructed views to the sea.
The above development will be adjacent to the prime beachfront residential zone of ultra-luxury residences (The Cove Villas and The Cove Residences). The total transaction consideration is payable in instalments. It amounts to approximately 38.3 million euros, consisting of the purchase price of the property of approximately 22.3 million and the allocated infrastructure costs of the Metropolitan Pole of approximately 16 million euros. The first instalment of the consideration of approximately 12.8 million euros, plus relevant taxes, was paid at the signing of the agreement. BELT Riviera SA is controlled 70% by TEMES SA and 30% by HELLINIKON SMSA.
Also, an agreement between MALT Riviera SA and HELLINIKON SMSA regarding the purchase by the former of the surface rights of a property with an area of 132,821 sqm in the development zone “ CF-D1” of the Metropolitan Pole Elliniko-Agios Kosmas, on which, according to the initial plan, the following will be developed: a 5-star hotel with 200 keys, large outdoor spaces and iconic dining and entertainment outlets by the sea, a luxury Beach Club, a Health Club with recreation, fitness and beauty facilities, also accompanied by a residential complex of 49 branded residences/apartments with unobstructed views to the sea and the Agios Kosmas Marina.
This development will be located next to the upgraded Agios Kosmas Marina and a short distance from the Riviera Galleria and the landmark high-rise residential building, Riviera Tower. The total transaction consideration is payable in instalments. It amounts to approximately 52.5 million euros, consisting of the purchase price of the property’s surface rights of approximately 32.5 million and the allocated infrastructure costs of the Metropolitan Pole of approximately 20 million euros. The first instalment of the consideration of approximately 17.5 million euros, plus relevant taxes, was paid at the signing of the agreement. MALT Riviera SA is controlled 70% by TEMES SA and 30% by HELLINIKON SMSA.
The design of the units will be assigned to globally renowned architecture firms, while the operation of the hotels will be entrusted to world-leading hotel operators.
