In a new sales round in Greek proceeds or Lamda Developmentas announced at yesterday’s teleconference (27.3.2025), the company’s chief executive, Odysseas Athanasiou, is under way for three plots of 39,000 sq.m.
At the same time, the work of its Greek Lamda Development makes significant progress in its cash inflows, overcoming the original goals.
Today, the ongoing work concerns 14 different developments, in collaboration with 12 different manufacturers. According to Mr. Athanasiou, in 2024 he exceeded expectations, with housing sales higher than the initial estimates. A significant part of the revenue comes from the “Little Athens” residential complex, and more units will soon be available for sale.
Investments and Capital Expenditure (CAPEX)
The company plans investments of € 500 million for 2025, equivalent to expected revenue. These investments include infrastructure, homes and sports park, as well as the launch of work at Agios Kosmas Marina. However, this amount does not include investments in the two shopping malls, Riviera Galleria and Ellinikon Mall.
Shopping Centers: Funding and timetable
Odysseas Athanasiou announced the completion of funding for the Riviera Galleria, with a signed loan of 185m euros. Construction work has already begun, with scheduled completion by the end of 2026 and opening to the public at the beginning of 2027. As for the largest shopping center, the Ellinikon Mall, the company is in the final stages of funding negotiations, with a planned integration in 2028.
The progress of construction work in Hellenic is moving on to various stages, depending on the project. The Riviera Tower, the iconic tall development building, is at an advanced stage, with concrete reaching the 17th level of the core and the 14th level of the plates. At Coves Residences, the completion and electrical installations are ongoing on plots 5-6, while on 7-8 plots the construction of the plates of the first and second floors has begun.
The Park Rise (BIG) is located in the initial stage of foundation concrete. At Promenade Heights, work is being carried out in the carrying of basement and over -the -top construction of the complex. Atrium & Trinity Gardens is in the phase of construction work for foundations. Finally, at Pavilion Terraces, the construction of the foundations are also continued.
In general, there is significant progress in constructions, with some projects in more advanced stages, while others are moving on with the completion of foundations and early structural phases.
Expected Investments by 2028
Overall, the first stage of the Hellenic project, which is completed in 2027-2028, requires investments of € 2.3 billion. By the end of 2024 EUR 600 million had already been spent, while 2025 still provides 500-600 million euros.
Commercial uses and infrastructure
In addition to the houses, Elliniko includes offices, hotels and sports facilities. The office spaces will cover 270,000 square meters, while the hotels will extend to 350,000 sq.m. Sports facilities will be rented to specialized agencies, generating constant revenue, although the main objective is to enhance the value of the overall project.
The future of Lamda Development
The management of the company envisions Lamda Development as a large -scale development company capable of undertaking projects inside and outside Greece. With six shopping centers, three marinas and increasing know -how in infrastructure and services, the company aims to create unique experiences for visitors and residents of its works.
In addition to Elliniko, the shops also played an important role in the positive course of the results of the listed, which recorded a new historic high turnover of € 865 million and operating profits of € 80.9 million (+12%). The main reason for this development was an 8% increase in basic rents and 14% of parking revenue.
The marinas continued their upward trend in 2024, setting a new historical record in both total revenue, which amounted to EUR 32.7 million (an increase of 12% compared to 2023) and EBITDA profits, which increased by 8% to EUR 19.5 million. This significant performance is mainly attributed to the constant preference of customers to the two Mega Yacht marinas, which have 100% completeness to permanent berths, as well as the annual adjustments to the docking fees. In addition, the increase in revenue from passing yachts, as a result of the rise of tourist arrivals in Athens, has helped improve marinade financial performance.
In October 2024, the 40-year sub-departure contract was signed for the right to build, operate, manage, maintain and operate the Mega Yacht in Corfu. Lamda Marinas Investments will invest more than 50m euros in the development and construction of the marina, while the total value of the price paid to HRIP over 40 years of the contract exceeds € 89 million. With this investment in Corfu Marina, Lamda further strengthens its position as a leader in maritime tourism.