Lamda Development Finalizes Sale of Five Plots at Elliniko

Lamda Development has sold five plots totaling 51,000 square meters at Elliniko, paving the way for new residential developments valued at €300 million. The buyers include four real estate investment and development firms: Brook Lane Capital, the Dutch company Ten Brinke, and Greek firms Hellenic Ergon and Daedalus Development.

The sale price of these plots reached €106 million, translating to approximately €2,100 per square meter. This transaction enables Lamda to achieve a net profit of €76 million (after accounting for transaction expenses), given that the original acquisition cost was about €27 million, or €531 per square meter.

According to Lamda's announcement, this sale is set to enhance profitability and boost cash flow for the first phase of the Elliniko project. The plots are strategically located near the commercial core of Elliniko and adjacent to the future site of the Ellinikon Mall shopping center.

Lamda aims to sell a total of 80,000 square meters of land by the end of the year, targeting €200 million in revenue. Although these plots were initially planned for development in a future phase—following the first five years of the project—they were opted for sale now to mitigate investment risks, as per Lamda’s management.

Additionally, the immediate influx of revenue will address the rising financing needs for ongoing projects in Elliniko. Construction is set to commence in the third quarter of this year, including the recently awarded Riviera Galleria shopping center.

A recent report by Axia Research estimates that from 2024 to 2026, Lamda is expected to generate total revenues of €3.13 billion, with projections of €685.9 million in 2024, €1.04 billion in 2025, and €1.06 billion in 2026. Overall, until 2028, Elliniko is projected to yield Lamda a total revenue of €3.75 billion, primarily focusing on the development of residential zones in the years to come, particularly from 2028 onward.