Works are underway for the construction of Lamda Development’s two commercial developments in Elliniko, total initial budget of 1.052 billion euros.
In particular, the preparatory work continues in The Ellinikon Mallthe largest shopping center to be built in Greece, while for the Riviera Gallery it is estimated that construction work will begin immediately.
The Ellinikon Mall
In the last quarter of 2027, it is estimated that the construction of The Ellinikon Mall, as Vouliagmenis Mall is now called, will be completed, based on the data published by Lamda.
At the moment, the first projects are underway, including the excavations undertaken by Aktor, while in the next period it is estimated that they will be completed and the main construction project will be awarded to a contractor. Based on the words of Odysseus Athanasiou, CEO of Lamda, this will be done by November.
Designed by the international architectural firm AEDAS, The Ellinikon Mall with 280 stores will be the largest shopping complex in Greece (50% larger than The Mall Athens in Maroussi) and one of the largest in Southern Europe.
It is noted that so far, almost three years before the completion of the construction if the schedule is respected, the lease of 70% of the total leasable surface of 90,000 sq.m. has been agreed (Signed Heads of Terms). of the shopping center.
Lamda’s goal is to have leased 83% of the mall by the end of this year, which, it should be noted, was redesigned in the part that concerned the creation of offices. These areas will be converted into retail stores, given the high demand that exists. With this data, the 90,000 sq.m. of the leasable area now “rise” to 100,000 sq.m.
Riviera Gallery
Riviera Galleria, the commercial and entertainment development on the beach front of the former airport by the signature of the leading Japanese architect Kengo Kuma (Kengo Kuma and Associates), has a total building area of approximately 23,000 sq.m. and METKA ATE (Metlen group) has been chosen for its construction.
The shopping center, designed in collaboration with the Greek design office BETAPLAN, consists of 3 two-storey buildings, which make up a building complex of commercial shops, service shops and leisure areas, while it has underground spaces for auxiliary uses, surrounding space as well as outdoor spaces parking. The duration of construction is estimated at 26 months.
Of the 100 stores of the Riviera Galleria, the lease of 62% of the total leasable area (GLA 19,000 sq.m.) has already been agreed, while the goal is to have agreements made for 75% by the end of 2024.
A budget of more than 1 billion euros
For the shopping areas of The Ellinikon Mall and Riviera Galleria the total budget made public by Lamda amounts to 1.052 billion euros and is based on initial estimates.
From the aforementioned budget the capital expenditure for construction (CaPex) is 656 million euros, for land and infrastructure 263 million euros and for other costs (financial marketing etc.) 133 million euros.
For the developments, The Ellinikon Mall and Riviera Galleria, Lamda will use bank borrowings (€575 million), equity (€271 million) and other financing instruments (€206 million).
The entrance to the Athens Stock Exchange
As the CEO of Lamda Development has announced, Lamda Malls is planning to enter the Athens Stock Exchange.
This is the new legal entity of the Lamda Development group, which includes under its umbrella both the shopping centers under development and the existing ones (The Mall Athens, Golden Hall, Mediterranean Cosmos and Designer Outlet Athens)
According to what Mr. Athanasiou said recently, the listing of Lamda Malls shares will depend on market conditions.
Source: ot.gr
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