Lamda sells five more plots at Elliniko

New residential development investments, totaling 300 million euros, are expected at Elliniko, following the completion of the sale of five plots, totaling 51,000 square meters, by Lamda Development. The buyers are four real estate investment and development groups: Brook Lane Capital, the Dutch Ten Brinke as well as Greek groups Hellenic Ergon and Daedalus Development.

The total purchase cost of the plots amounted to €106 million, or approximately €2,100/sq.m., allowing Lamda to record a net profit of €76 million (including transaction costs), as the acquisition cost was approximately €27 million (€531/sq.m).

As the listed company stated in an announcement, this sale will further enhance the profitability and net cash flows of the first phase of Elliniko. The specific plots are located near the commercial hub of Elliniko and the area where the Ellinikon Mall shopping...