The signing of two agreements with TEMES for the joint development of two modern, luxury 5-star hotels and the corresponding tourist residential complexes on the coastal front of Hellinikon, with horizon of completion of the construction of the developments at the end of 2026, Lamda Development announced today Monday, following the strategic cooperation they had signed in November 2020.

In particular, as mentioned in the relevant announcement, Lamda Development announced that the following agreements were signed today within the framework of the strategic cooperation between TEMES SA (signed in November 2020) for the joint development of two modern, luxury 5-star hotels and of the corresponding tourist residential complexes (branded residences) on the coastal front of Ellinikos, with a horizon of completion of the construction of the developments at the end of 2026:

* between the company BELT Riviera S.A. and Elliniko MAE (100% subsidiary of Lamda) for the acquisition on behalf of the first percentage of 100% of the right of full ownership over a property of 80,011 sq.m. in the “PM-A2” Development Zone of the Metropolitan Pole Hellinikon-Agios Kosmas, in which, according to the original plan, a 5-star hotel with 160 rooms, large outdoor spaces and emblematic restaurants and entertainment shops next to the sea, a luxurious Beach Club will be developed , Health Club with leisure, fitness and beauty facilities, while it will also have a residential complex of 17 branded luxury homes/apartments (branded residences) with an unobstructed view of the sea.

The development in question will be located next to the prime coastal residential zone of ultra-luxury residences (The Cove Villas and The Cove Residences). The total price of the transaction amounts to approximately 38.3 million euros, which includes the acquisition value of the property in the amount of approximately 22.3 million euros and the participation in the corresponding infrastructure costs of the Metropolitan Pole in the amount of approximately 16 million euros and is paid in installments. The first installment of approximately 12.8 million euros plus taxes was paid with the signing of the agreement. The company BELT Riviera S.A. is 70% controlled by TEMES SA. and 30% from HELLENIKO MAE.

* between the company MALT Riviera S.A. and Elliniko MAE (100% subsidiary of Lamda) for the acquisition on behalf of the first percentage of 100% of the surface right on a property of 132,821 sq.m. in the “PM-A1” Development Zone of the Metropolitan Pole Hellinikon-Agios Kosmas, in which, according to the original plan, a 5-star hotel with 200 rooms, large outdoor spaces and emblematic restaurants and entertainment shops by the sea, a luxurious Beach Club will be developed , Health Club with leisure, fitness and beauty facilities, while it will also have a residential complex of 49 branded residences with unobstructed views of the sea and Marina Ag. Cosmas.

The development in question will be located next to the upgraded Marina Ag. Cosmas and a short distance from the Riviera Galleria and the iconic Riviera Tower residential high-rise. The total price of the transaction amounts to approximately 52.5 million euros, which includes the acquisition value of the surface right on the property in the amount of approximately 32.5 million euros and the participation in the corresponding infrastructure costs of the Metropolitan Pole in the amount of approximately 20 million euros and paid in installments. The first installment of approximately 17.5 million euros plus taxes was paid with the signing of the agreement. The company MALT Riviera S.A. is controlled by 70% by TEMES SA and 30% by ELLINIKO MAE. The design of the units will be assigned to leading international architectural offices, while their management will be assigned to internationally renowned management companies (hotel operators).