BUSINESS

Two new vehicles for Elliniko

ILIAS BELLOS

TAGS: Business, Privatizations

Lamda Development is set to form two new consortiums with major domestic and international groups from the sector of real estate and institutional investments, aimed at developing two new projects at the landmark cluster of Elliniko on Athens’ southern coast.

The first project concerns a high-rise, around 150 meters tall, near Vouliagmenis Avenue. The specially designed building is expected to host office spaces and other commercial activities in one part, and operate as a four-star hotel in another. Kathimerini understands that this is the most mature of the two projects, attracting interest from major real estate and private funding firms.

The other project also concerns a high-rise that will host apartments and is set to be constructed near the seafront and the marina.

The framework of these two consortiums is similar to that used in the agreement with TEMES SA for the development of two hotels at Elliniko and the residential buildings around them. It is a twin project worth 300 million euros implemented through two special-purpose vehicles, whose share capital is split between TEMES, at a rate of 70%, and Lamda at 30%.

Lamda’s stakes in the two new consortiums has not been determined yet. The contractor of the Elliniko concession has recruited the Savills realty company and the Deloitte financial firm as consultants. They have grouped the projects and supplied details to interested parties, some of which are already in advanced talks.

Kathimerini understands that almost all domestic real estate investment companies (REICs) have requested details, as have many major international companies that are either already involved in the Greek market or considering an opening. They include Prodea Investments and Orilina, whose main stakeholder – the Brevan Howard investment fund – acquired a 6.36% stake in Lamda in July.

There is also Britain’s Brook Lane Capital, which last year obtained from Alpha Bank properties seized from the Babis Vovos group, and US giant Hines, a firm that buys and develops properties and has acquired several Greek hotels and commercial developments.

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