Riviera Tower, Park Rise, Little Athens: Progress of Projects at Elliniko

LAMDA Development has released an update on key milestones of the Elliniko project, which is in full progress, ahead of the publication of its H1 2024 financial results.

Here are the main developments:

• Riviera Tower: The tower is visible from Poseidonos Avenue. The construction of the main elevator/stairwell cores has progressed up to the 8th floor, and the concreting of the 4th-floor slabs is ongoing.
• The Cove Residences: On plots 5-6 (seven buildings in total), structural works will be completed by the end of September. On plots 7-8 (14 buildings), foundation works are finished.
• Park Rise (BIG): The contractor for Phase A was installed in April 2024. Archaeological excavations and all groundworks have been completed, and foundation work has begun.
• Other Developments (Little Athens): At Promenade Heights and Atrium Gardens/Trinity Gardens, excavations are complete, and foundation work has started at Promenade Heights. At Pavilion Terraces, demolitions are complete, and excavation works have begun.
• Undergrounding of Poseidonos Avenue: 83% of the excavation and 71% of the concreting works are complete.

Sales and Financials:

• Residential Development Land Sales: In July 2024, contracts were signed for five plots near The Ellinikon Mall, with a total buildable area of 51,000 m². The transaction value is around €106 million (€2,100 per m²), four times the accounting cost. €32 million was received in July, with the remainder (€86 million) expected by the end of 2024. This will strengthen the Group’s cash reserves, and LAMDA Development is expected to recognize a pre-tax profit of €76 million, representing 5.4% of NAV as of June 30, 2024.
• Mixed-Use Tower Sale: Completed in March 2024 for €39 million, with €13 million received as the first installment. The total revenue was recorded in the H1 2024 financial results.
• Total Sales Receipts: Sales from Elliniko real estate are expected to reach €800 million by the end of August 2024, with the total surpassing €900 million by the end of the year.

LAMDA’s results show ongoing operational profitability for the Elliniko project, which was first achieved in December 2023, just 2.5 years after the project began.

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