Plots in the Hellinikon project are being bought by Giorgos Prokopiou for 120 million euroswith the total investment estimated as will amount to 500 million euros.

In particular, as stated in its announcement, Lamda Development, on 17/09/2024, signed a contract with SKITI ENTERPRISES COMPANY LIMITED, owned by the family of Mr. Georgios Prokopios, for the sale of plots of land within the Hellinikon Project, for the development of residential and office spaces as well as an educational institution with an International Program.

The total price of the transaction amounts to approximately €120 million, while the total investment of the development is estimated to amount to €500 million.

This investment comes to be added to the already impressive progress of the Project and will contribute to the acceleration of the rate of completion of its reconstruction, emphasizes Lamda Development.

The plots are located opposite the Golf of Glyfada and the total maximum allowed building is 85,658 sq.m. The permitted uses are (a) 30,000 sq.m. for residential developments for which the average transaction price is approximately €2,100 per sq.m. of buildable area, (b) 35,658 sq.m. for office space developments with an average transaction price of €1,150 per sq.m., and (c) 20,000 sq.m. for the development of educational institutions with an average transaction price of €850 per sq.m.

In addition to the aforementioned, the agreement provides that, in addition to the cost of implementing the educational institution, the purchasing company also undertakes the cost of the planned infrastructure projects within the plots, which are estimated at €150 per sq.m.

The value of the plots in the books of Lamda Development Group on 30.06.2024 it amounted to €37 million. The Group is expected to recognize an accounting profit before taxes of approximately €82 million (including transaction costs), further strengthening the profitability and liquidity of the Hellinikon Project.

Mr. George Prokopiousaid about it: “The main characteristics of our investment will be our sensitivity to the design of constructions, with respect to Greek architecture and the existing design of the Project, as well as the deep conviction that education is the main axis of progress and change in society. We wish to contribute to the company’s vision of creating an exemplary lifestyle for the residents of Hellinikon,

The CEO of Lamda Development, Odysseus Athanasiousaid about it: “We are particularly happy that today we are completing the second part of our strategic collaboration with Mr. George Prokopiou, one of the most pioneering and visionary entrepreneurs. Mr. Prokopiou shares our vision for Elliniko, the new smart, green, modern city we are already creating. Following the recent sale of 5 plots of land for residential developments in July 2024, this agreement highlights once again the goodwill of the Hellinikon Project, as it has been shaped to date by the implementation of our strategic plan. It is noted that the total revenue from these two land sales transactions amounts to €226m, while the total accounting profit amounts to €158m”.