LAMDA Development Reports Record Financial Results Powered by the Investment Opportunities of The Ellinikon Project

(MENAFN- AllDetails) 02 October 2024, Athens, Greece: LAMDA Development is delighted to announce remarkable financial results for H1 2023. Driven by the record-breaking profitability of Malls and Marinas, alongside rapid progress across the trailblazing Ellinikon project on the Athens Riviera, consolidated operating profit has increased by 90% year-on-year to reach €72 million.

This impressive figure includes a 30% increase in operating profitability for Malls at €41 million and a 6% increase for Marinas at €9 million. To date, The Ellinikon has generated €366 million in property sales, fuelling development across key assets, including significant milestones for Riviera Tower, The Cove Residences, and Vouliagmenis Mall.

These results emphasise the transformative impact of The Ellinikon project, a 15-minute paradigm city presenting a contemporary way of life and a new landmark for 21st-century Greece. Redefining the skyline of Athens, this development features luxury residences, world-class marinas, and state-of-the-art retail spaces to produce premium opportunities for international investors, particularly those in the GCC looking to diversify into European real estate.

“In Athens, we're creating a place that stands for progress, where lives can be truly well lived in an amazing setting. And where new generations will find greater opportunities,” remarked Odisseas Athanasiou, CEO of LAMDA Development S.A. “The Ellinikon will reposition the country on the international investment map leading to an increased tourism footprint and a significantly healthier economy.”

The Ellinikon is positioned to become a hub for luxury living and high-end commercial activity with direct appeal to GCC investors seeking to expand their international portfolio. The project has already attracted high levels of interest, with huge demand for presales in waterfront residential properties such as Riviera Tower and The Cove Residences.

Exceptional property sales have empowered rapid reinvestment to facilitate pushing forward with The Ellinikon infrastructure. In addition to the residential towers and Vouliagmenis Mall—where 57% of the leasable area is now subject to tenant agreements—this has allowed accelerated progress including the completion of construction for the AMEA Building Complex among other core works.

With the luxury real estate market in Europe attracting heightened interest from Gulf investors, The Ellinikon offers a unique combination of lifestyle, location, and long-term value. The success of the project underscores LAMDA Development's commitment to delivering world-class properties that resonate with high-net-worth individuals and institutional investors.

Key Highlights:
• Consolidated Operating Profit: €72 million (90% increase YoY)
• Malls Operating Profitability: €41 million (30% increase)
• Marinas Operating Profitability: €9 million (6% increase)
• Total Property Sales from The Ellinikon: €366 million
• Significant Demand for Waterfront Properties

Future Outlook
The ongoing developments at The Ellinikon project indicate a strong future trajectory with further phases planned. This includes luxury residential units and commercial spaces that cater specifically to high-net-worth individuals from the GCC region.

MENAFN02102024002796003018ID1108739286