€106m land sales boost progress at Greek Lamda’s Ellinikon

Following a tender sale Athens-listed Lamda Development has sold five land plots, all part of The Ellinikon project, a multibillion-euro regeneration project which will redevelop Athens’ former airport.

The sites, which have been sold for about €106 million, provide scope to build a maximum of  about 51,000 sq m of space and are part of a zone known as Urban Development Area A-U3 within The Ellinikon project. These are situated close to the project’s commercial hub and The Ellinikon Mall retail area.

The buyers are international companies Brook Lane Capital and Tenbrinke, as well as the Greek companies Hellenic Ergon and Daedalus Development. These sales are expected to accelerate the pace of completion of the overall project and the total investment in the five developments is estimated to reach at least €300m.

Lamda said the total consideration for the sale of the land represents an average price of €2,100 per buildable sq m and is about four times the €531 per sq m book value of the plots.

The company also state that the deals are both a means of creating value and help the Ellinikon to proceed while maintaining zero bank borrowing.

Lamda CEO Odisseas Athanasiou said: “The result of the sales highlights the significant value that has already been created by the project implementation so far, which will continue at an accelerated pace as the development of the wider Ellinikon project progresses. The total remaining residential developments amount to approximately 1million sq m.”