Future appears bright for Lamda Development


New investors have purchased a stake in Lamda Development, the construction firm which heads the consortium planning to implement the Elliniko project. The development of the old Athens airport plot is now closer to getting the green light, with the signing of the necessary presidential degree due to take place on Friday.

Panos Germanos’s Olympia Group and interests of pharmaceuticals entrepreneur Vassilis Katsos’s family have jointly acquired on a 50-50 basis the 12.8 percent stake in Lamda Development that GSO sold; the US fund operates under the umbrella of private equity giant Blackstone, which had exceeded the time limit for holding this stake.

The price agreed came to 5.40 euros per share, that is at a discount of 16.7 percent on Lamda stock’s closing price (6.48 euros) at the Greek bourse on Thursday. Therefore the two groups paid 55.1 million euros for shares worth 66.9 million.

This investment coincided with the completion on Thursday of the presidential decree for Elliniko, which on Friday will be signed by the competent ministers of environment, culture and finance.

The draft decree in effect provides town planning for the area and does not change what the Integrated Development Plan provided for, so it is in line with the investors’ planning.