Lamda gets 1.1-bln loan for Elliniko

Lamda gets  1.1-bln loan for Elliniko

Lamda Development has reached an agreement with Eurobank and Piraeus Bank for loans adding up to 1.1 billion euros.

The construction company signed on Thursday the main business terms for its loans from the two lenders amounting to 879 million euros for financing its development project at Elliniko, as well as another 303 million to cover the value-added tax for the project’s expenditure.

The company announced that the bank loans concern the funding of Phase A of the project, over the first five years, mainly including the strengthening of the coastline, and the development of residential complexes, commercial facilities and the relevant infrastructure amounting to 546 million euros plus 231 million for VAT. The loans’ maturity period is 10 years.

The borrowing also concerns the development of two shopping centers, on Vouliagmenis Avenue and at the Agios Kosmas Marina, amounting to 237 million and 96 million euros respectively (plus 53 and 19 million euros respectively for VAT). Those loans have a maturity period of up to 11 years, Lamda announced.

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