Lamda in the Balkans
Lamda Development yesterday announced a memorandum of cooperation with construction company Technical Olympic for the development of a housing project in Romania, marking the real estate developer and property management services company’s expansion into the Balkans. Lambros Anagnostopoulos, managing director, said the companies will set up a joint venture, Lamda-Olympic Sri, to be based in Romania. It is scheduled to commence operations next month. Holding company Lamda, part of the Latsis Group, houses a medley of affiliates such as Dimourgia, which provides projection and construction management services, Ifaistos, a ship repair venture, real estate firm Olympia, property management company EFG Properties, and Swissport Lamda Hellas which deals in airport groundhandling services. The subsidiaries to date have confined their activities to the Greek market. Anagnostopoulos said Lamda aims to develop a housing project over an area of 9,200 square meters in Bucharest together with Technical Olympic. «This investment is the start of Lamda Development’s expansion into southeast Europe,» he said. In Greece, the company has six ongoing projects in Athens, all of which are expected to be completed by the end of the year or over the next two years. It is currently developing a commercial center in Thessaloniki for the Ecumenial Patriarchate, scheduled to be completed in time for the 2004 Olympic Games. Technical Olympic, however, is no stranger to Romania. It staked out a presence in the Balkan country five years ago via its construction subsidiary, Eurorom Constructii SRL. It has been pre-selected as one of two prospective candidates for undertaking highway projects in Romania.
