Its management expects revenues that may even reach 400 million euros Lambda Development from the sale of its part Ellinikou, in which new, bioclimatic office buildings are planned to be developed. According to yesterday’s update carried out by the administration, a special purpose vehicle will be created (SPV), which is to include the plots where office uses have been zoned. “We still haven’t decided how much of the total 200,000 sq.m. of office buildings we will fit into this vehicle. This will depend on the demand that manifests itself. It is possible to include 70,000 sq.m., or even 150,000 sq.m. We estimate that revenues can range from 200 to 400 million euros, depending on what will eventually be integrated into this new company,” said Odysseus Athanasiou.
However, the company’s management is already in discussions with interested investors, both investment funds and investment companies Real Estate. In fact, as Mr. Athanasiou mentioned, changes in the design are not excluded, as for the office tower that was to be acquired by Eurobank, before finally deciding not to proceed with this move, the addition of residential uses is also being studied. “In addition to the offices, we are also discussing the addition of approximately 15 floors with apartments, in the upper part of the building, as we have received a lot of buying interest from people who want to acquire an apartment in one of the skyscrapers of Hellinikon”, said Mr. Athanasiou.
“Little Athens”
During this period, the new residential neighborhood “Little Athens” has also come to the fore, which has begun to be planned in the part of Hellinikon towards the Alimos, above L. Posidonos. This will include 10 building blocks with a total of 1,100 apartments and 100 shops, which aim to serve the needs of the residents. In the first phase, five building blocks will be developed with a total of 460 residences, of which the first 160 will be available within the next two months. The pre-sale will be completed by the end of 2024, with the aim of the construction of the new homes being completed in 2027.
The first of these residences will have a selling price that will start from 6,000-6,500 euros/sq.m., or from 350,000 euros and above and will be aimed at Greek residents or foreigners interested in owning a property in Athens, to they stay some time of the year. The residences will be sold by Lamda, while the shops are expected to be managed by Lamda Mallsthe subsidiary of the group’s shopping centers sector, which is expected to be listed on the Athens Stock Exchange by the end of the first half of 2024.
Based on what Mr. Athanasiou mentioned yesterday, of the residences that have been sold to date, especially the most expensive ones, located on the beach front (Riviera Tower, Cove Residences, Cove Villas), 28% concern foreign buyers. However, of these 14%-16%, i.e. more than half of the buyers are Greeks of the diaspora, people who live permanently outside Greece, e.g. Switzerland, Germany, USA and elsewhere. “We expect that this will change from next year, as during the first half of 2024 we will proceed with the substantial promotion of Hellinikon’s work outside the Greek borders,” noted Mr. Athanasiou.
