Commercial property experts see the recent deal between Lamda Development and Varde Partners as confirmation of estimates that shopping centers would become a target for investors from both Greece and abroad, the reson being the considerable resistance malls have shown in the face of pressure from the economic crisis.
Varde Partners, which acquired a majority stake in the Piraeus group’s Trastor Real Estate Investment Company a few months ago, has agreed to spend 61.3 million euros on a 31.7 percent stake in newly formed company Lamda Malls, which owns Golden Hall in Maroussi and Mediterranean Cosmos in Thessaloniki.
This move is seen as a prelude to other similar investments in the shopping mall market, during a period when considerable new developments are also planned, hoping to make the most of the lack of supply in relation to demand by retail chains. Another significant aspect is the projection of a recovery in the Greek economy that should see consumption improve in the next few years.
The latest available data show that mall turnover came to 1.9 billion euros in 2014, a figure which is expected to rise further in 2015 and 2016.