ECONOMY

Lamda Development buys outlet mall McArthurGlen

Lamda Development buys outlet mall McArthurGlen

Lamda Development has acquired the McArthurGlen designer outlet mall at Spata, east of Athens. 

The value of the 21,200-square meter property was set at €109 million, but the current owners, investment management fund Bluehouse and London-based McArthurGlen itself will receive €40 million, as Lamda will pay off the mall’s debts. 

McArthurGlen, at 95% capacity, hardly has any space left for more outlets and its visitors reached 4.2 million in 2019, the last pre-pandemic year. 

Not coincidentally, Lamda Malls, Lamda Development’s subsidiary, will soon be listed on the Athens Stock Exchange.

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