Athens-based Lamda Development, the lead partner in an international consortium that has won a major property development concession in Greece, on Thursday announced it was ready to begin the multi-billion-euro project.
Lamda CEO Odysseas Athanasiou made the statement on the occasion of the release of results by the ASE-listed company.
"We're ready to begin the emblematic Helleniko project, which will significantly contribute to the country's growth, further transforming it into a destination for investments, tourism and culture, and creating tens of thousands of new jobs immediately," he said.
Athanasiou repeated that the red-tape-burdened investment, considered as one of the biggest privatizations ever in the country, is the biggest coastal property development project in the world.
In terms of results, Lamda Development posted a new record for profits in the Jan-Sept. 2017 period, while EBITDA increased by 11.6 percent over the same period of 2016, reaching 35.7 million euros. The latter figure comes on the back of its re-purchase of the remaining 50 percent of shares for The Mall Athens, the most successful shopping mall in the country.
Without the transaction, EBITDA would have increased by 2.2 percent.
Lamda acquired the 50-percent stake from Irere Property Investments Luxembourg, formerly HSBC Property Investments Luxemburg S.A.R.L, after the latter exercised an option to resell its stake to Lamda - two years after a relevant purchase.
Lamda operates a total of three shopping malls in Greece, along with other real estate ventures.
