SPV plan for Elliniko offices
The management of Lamda Development expects revenues that may even reach 400 million euros from the sale of the Elliniko development’s section in which new, bioclimatic office buildings are to be developed.
According to the update carried out on Tuesday by the company, a special purpose vehicle (SPV) will be created, which will include the plots where buildings for office use have been zoned.
“We still haven’t decided how much of the total 200,000 square meters of office space we will fit into this vehicle. This will depend on the demand that emerges. It is possible to include 70,000 sq.m., or even 150,000 sq.m. We estimate that the revenues could range between €200 and €400 million, depending on what is eventually integrated into this new company,” said CEO Odisseas Athanasiou.
However, the company’s management is already in discussions with interested investors, both investment funds and real estate investment companies. In fact, as Athanasiou mentioned, changes to the plan are not ruled out. For example, for the office tower that Eurobank was going to acquire, before finally deciding not to proceed with this move, the addition of residential uses is also being considered.
“In addition to the offices, we are also discussing the addition of approximately 15 floors with apartments, in the upper part of the building, as we have received a lot of buying interest from people who want to acquire an apartment in one of the Elliniko skyscrapers,” said Athanasiou.
During this period, the new residential neighborhood “Little Athens” has also come to the fore, which has begun to be planned in the Elliniko section on the Alimos side, above Poseidonos Avenue. This will include 10 blocks with a total of 1,100 apartments and 100 shops, which are seen serving the needs of the residents. In the first phase, five blocks will be developed with a total of 460 residences, of which the first 160 will be available within the next two months. The pre-sale will be completed by the end of 2024, with the aim of construction of the new homes being completed in 2027.
