ECONOMY

Capital to finance 2004 site

Real estate firm Lamda Development completed its 115,970,000-euro equity capital increase on Tuesday, the Latsis group company announced yesterday. The capital infusion will be used to finance projects already under way, notably the Media Village for the 2004 Athens Olympics at Maroussi, which is being developed by subsidiary Lamda Olympic Village. The project, one of five such villages under construction, will include high-quality housing, commercial space, parking for 3,000 vehicles and 10 hectares of greenery. Demand for the housing, which will be available after the Olympics, is already high. Lamda posted a turnover of 44.493 million euros in the first three quarters of 2002, a 63 percent rise from last year. Profit rose 103 percent, to 2.989 million.