New Residential Development Investments at Elliniko
New residential development investments worth 300 million euros are set to take place at Elliniko, following the recent sale of five plots totaling 51,000 square meters by Lamda Development. The buyers of these plots include four real estate investment and development groups: Brook Lane Capital, the Dutch Ten Brinke, and Greek groups Hellenic Ergon and Daedalus Development.
The total purchase cost of the plots was 106 million euros, with an average price of approximately 2,100 euros per square meter. This sale allowed Lamda to achieve a net profit of 76 million euros, after factoring in transaction costs. The acquisition cost for Lamda was around 27 million euros, at a rate of 531 euros per square meter.
Lamda Development stated in an announcement that this sale will contribute to the profitability and net cash flows of the initial phase of the Elliniko project. The plots are strategically located near the commercial center of Elliniko, where the Ellinikon Mall shopping center is planned to be constructed.
By the end of the year, Lamda aims to sell additional land plots totaling 80,000 square meters, further boosting development in the area.
Lamda Group’s Strategic Real Estate Investments
Lamda Group, a major player in the real estate industry, recently made a strategic decision to sell off certain properties, bringing in a significant €200 million in revenue. This move, although initially not part of the company’s development plans, has been deemed necessary by company executives to reduce investment risk.
Future Growth and Investment
Despite the unexpected sale of properties, Lamda Group remains optimistic about future growth and investment opportunities. The additional revenues generated will help cover the increased financing needs of ongoing projects, particularly in Elliniko. Construction is set to begin in the third quarter of this year, with projects like the Riviera Galleria shopping center already in the pipeline.
Revenue Projections
According to a recent report by Axia Research, Lamda Group is projected to collect revenues totaling €3.13 billion between 2024 and 2026. This year alone, the company is expected to generate €685.9 million, with revenues reaching €1.04 billion in 2025. These figures highlight Lamda’s strong position in the real estate market and its commitment to continued growth and success.
The Future Development of Elliniko
Elliniko, a large real estate project in Greece, is expected to generate significant revenue for the company over the next few years. By 2028, it is projected to bring in a total of €3.75 billion in revenue, with €1.69 billion expected in 2025 and another €1.06 billion in 2026.
Reshaping Residential Zones
Looking ahead, the focus of the development at Elliniko will shift towards the creation of individual residential zones. This means that the property will undergo extensive work to accommodate new housing developments and amenities. The goal is to transform Elliniko into a vibrant community that offers modern living spaces and a high quality of life for its residents.