In full development and within the schedules is the urban renewal in Elliniko, despite whatever challenges there are in the construction sector.

In particular, as mentioned by the managing director of LAMDA Development, Odysseus Athanasiouspeaking at the company’s annual General Meeting, “all projects are progressing as we would like and planned against a difficult construction market. The goal is that by Christmas 2026 there will be people living in the new town of Ellinikos and within 2027 there will be a lot of life especially in the entire coastal zone».

Regarding the demand for residential renovations, the managing director of LAMDA Development emphasized the fact that everything that has been put on the market is sold out. The developments in the three zones of the coastal front of the first phase have all been sold out, while regarding the new residential neighborhood “Little Athens” apartments have started to be released gradually from the end of 2023, with pre-sales having reached 65% and ” run’ at an ever-increasing rate.

O Riviera Towerthe tallest green seafront skyscraper in the SE Mediterranean, has already reached the sixth floor on one side and the fourth floor on the other and is visible from Poseidon Avenue, while six of the low buildings of the coastal front can now be seen and by the autumn there will be 15. From the pre-sales in the three residential neighborhoods of the coastal front, the receipts that have reached 700 million euros also come, as Mr. Athanasiou said, noting that the health of the company can also be seen from the fact that 2.5 years after the start of work, the project has 600 million euros available in the coffers, while it has not received a loan despite having credit lines with the banks and moving forward with whatever real estate liquidations are made.

In response to questions from shareholders about the stock’s performance, he emphasized that LAMDA’s fundamentals are currently better than ever and the outlook for the stock is positive.

The stock’s underperformance to date relative to the company’s positive fundamentals and outlook is due, among other things, to the fact that foreign investors do not currently favor real estate stocks given the challenges in the industry across Europe.

In contrast, he pointed out, Greece experienced the real estate crisis during our country’s fiscal crisis and is now moving positively, unlike the rest of Europe. In addition, shopping centers are not an attractive investment option for foreign funds overall, despite the fact that LAMDA’s shopping centers are operating with record traffic and sales.

Mr. Athanasiou also mentioned that the Hellinikon project has a long-term nature and horizon and needs time to mature, a perspective that is also embraced by the main shareholder, Spyros Latsis, who has invested in the project with a long-term horizon.

He also spoke about the recent vote of confidence in LAMDA and the work of Hellinikon by the shipowner G. Prokopiouafter the agreement for the acquisition of 2% of LAMDA Development, which strengthens domestic and international collaborations and alliances for the Hellinikon project.

LAMDA has hidden capital gains of more than 1.3 billion euros if it is taken into account that “the plots where the new housing is planned have a value greater than what we have in our books”, underlined Mr. Athanasiou. In particular, until the end of July, the sale of 5 plots with a buildable area of ​​50,000 sq.m. is being promoted. and sales target per sq.m. at 2,100 euros, while in the company’s books it is 770 euros per sq.m. so there is an additional profit of 1,330 euros per sq.m.

Regarding the listing on the Stock Exchange of the subsidiary of the LAMDA Malls group which has the existing as well as the planned commercials of the group, the management of LAMDA reiterated that “the specific development will be launched when the conditions are deemed favorable. At the same time that the performance of the group’s 4 shopping centers is more than satisfactory. In addition, demand is high for both new commercial destinations within the Hellinikon area. We do not have an immediate need for liquidity for the IPO of LAMDA Malls, nor are there any time restrictions as in the case of AEEAP, which is why we will choose the time when the conditions are considered better.”

Mr. Athanasiou also emphasized that there is no question of a capital increase.

LAMDA Development, as pointed out at the General Assembly, recorded consolidated EBITDA profits of €40.2 million in the first quarter of 2024 (a fivefold increase over 2023), due to the outstanding performance of the shopping centers, marinas and the Hellinikon project.

In particular, the 4 shopping centers in operation set a new record Retail EBITDA at 22.5 million euros (an increase of 8% compared to the first quarter of 2023), mainly due to the increase in net income from basic rents (an increase of 8% compared to the quarter of 2023) and the increase in parking revenues (16% increase compared to the first quarter of 2023). These achievements were supported by the increase in traffic, with visitors reaching 5.5 million (up 4% compared to Q1 2023), and the achievement of a new store sales record of €171 million (up 9 % compared to the 1st quarter of 2023).

The marinas also recorded significant performances with total revenue reaching a new all-time record of €7.3 million, while EBITDA profits increased by 13% compared to Q1 2023 to €4.6 million.

With reference to the Hellinikon project, operating profitability was achieved over a period of almost 3 years from the start of the project, while over 670 million euros in cash receipts from property sales were recorded until 05-27-2024.