Progress continues both in works infrastructure as well as building construction, as part of the work of urban regeneration that is ongoing in Elliniko and according to LAMDA Developmentwork is found in 14 different developments in collaboration with 12 different manufacturers, and work has now begun in all residential developments available for sale.
As announced, during the year 2024 capital expenditure (CAPEX) for buildings and infrastructure projects amounting to EUR 248 million with the amount of total capital expenditure from the start of the project until 31.12.2024 is now stood at EUR 564 million. The most important achievements to date with regard to the work of Hellenic according to data from Lamda Development are:
FirstEBITDA profits increased 50% against 2023 to € 97.4 million.
Secondtotal cash receipts from real estate sales from the start of the project until 28.02.2025 exceeded EUR 1.1 billion, with revenue in 2024 amounting to EUR 589 million, of which about EUR 312 million came from housing developments.
In 2024 there were completed transactions for selling land to third parties for the development of residential, office and educational spaces, as well as retail parking, with the total price of transactions amounting to EUR 258 million of which they had been collected around € 194 million at 2024.
Of these transactions, the estimated total accounting earnings before tax for the Lamda Development group amounts to € 173 million, most of which was recognized in results of 2024 while an amount of about 30 million euros is expected to be recognized within the first half of the 2025. They reached 31.12.2024 to EUR 286 million.
ThirdlySignificant commercial success continues to record apartments available for sale in the neighborhood of Little Athens. By 28.02.2025, 559 apartments were available on the market. Of these, sales and bookings from interested buyers now amount to 453 apartments or 81%.
Fourththe cash available in the project in Elliniko increased by EUR 161 million in 2024 and amounted to EUR 292 million to 31.12.2024, while for another year, no bank loans were disbursed for the project in Elliniko, despite the existence of an approved credit line by the borrowers.
Lamda Development has announced for 2024 consolidated net results (profits) for 2024 to € 46.3 million (an increase of 71% compared to previous year).
Shopping Centers in Elliniko
The company’s dynamics is strengthened, as it has announced, with the development of two new, innovative commercial destinations, The Ellinikon Mall and the Riviera Galleria.
Already, according to company data, Heads of Terms has been agreed on 63% of The Ellinikon Mall GLA, confirming the strong interest of traders, while 76% of GLA has been secured for Riviera Galleria. Construction work is in full swing, with The Ellinikon Mall completing the excavation phase and contracting under auction, while Riviera Galleria has already proceeded with concrete work on all buildings in the complex.
The growth of the Riviera Galleria secured a bank loan of EUR 185 million (including EUR 39 million for VAT financing), signed in February 2025, with the participation of Eurobank banks, Piraeus Bank, Alpha Bank and Attica Bank.