Ellinikon Project Shows Significant Progress with Property Sales Exceeding €900 Million

LAMDA Development has reported substantial progress on the Ellinikon project, detailing recent developments and financial achievements. According to the company’s latest update, major milestones have been reached across various individual projects.

Project Updates

- Riviera Tower: Construction is advancing with the public transport system now operational. The superstructure of the central elevator and staircase cores has been completed up to the 8th floor, and work on the 4th-floor slabs is ongoing.

- The Cove Residences: For plots 5-6, comprising 7 buildings, the load-bearing structure will be completed by September. On plots 7-8, consisting of 14 buildings, foundation concreting is finished.

- Park Rise (BIG): Phase 1 construction started in April 2024, following the completion of archaeological and excavation work. Foundation work is now underway.

- Other Little Athens Developments: Excavation for Promenade Heights and Atrium Gardens/Trinity Gardens is complete, with foundation work progressing. The Pavilion Terraces project has started excavation following demolition.

- Grounding of Avenue, Poseidonos: Excavation is 83% complete and concreting is 71% finished.

Financial Highlights

- Residential Plot Sales: As of July 2024, LAMDA Development signed contracts for five residential plots near The Ellinikon Mall, with a total value of approximately €106 million. This transaction, which is four times the book value, is expected to add around €86 million by the end of 2024, significantly boosting the Group’s cash reserves.

- Mixed-Use Tower Sale: Completed in March 2024, this transaction brought in approximately €39 million, with €13 million received upfront. The total proceeds have been included in the first half of 2024 financial results.

- Total Proceeds: LAMDA Development’s CEO Odysseas Athanasiou announced that total proceeds from property sales related to the Ellinikon project are nearing €800 million as of August 2024, with expectations to surpass €900 million by the end of the year. This significant financial inflow is set to strengthen the Group’s balance sheet.

The report confirms that the Ellinikon project is operationally profitable, achieving this milestone for the first time in December 2023, just 2.5 years after the project's initiation.