Real estate sales in Ellinikon brought an 82.8% revenue increase to Lamda Development, based on the 9-month results announced by the company’s management.
In particular, the consolidated revenues amounted to 376.3 million euros (against 205.8 million) of which 254.5 million came from its subsidiary, 81 million from Lamda Malls and 24.7 million from the marinas.
Pre-tax profits amounted to 3.1 million euros versus losses of 14.3 million last year. Net income recorded losses of 13.4 million euros from 6 million euros last year.
The 4 shopping centers in operation recorded Retail EBITDA (earnings before interest, taxes and depreciation) of 65.7 million, up 7%, mainly due to the increase in net income from basic rents (6%) and from parking (12%). These results were supported by continued traffic growth, with total visitors in the nine months reaching 18.2 million (2%), as well as achieving increased sales from stores (593 million plus 4%).
The total cash balances amounted to 633 million euros from 488 million, borrowing reached 1,140 million against 1,144 million, the total investment portfolio stood at 3,465 million (from 3,491 million) and the net asset value to 1,387 million against 1,392 million euros.
Commenting on the financial results, the CEO of Lamda, Odysseas Athanasiou, noted that “all the business sectors of the Group continue their upward trajectory in the nine-month period. The Shopping Centers in operation, as well as the Marinas, continue to create new profitability records. At the same time, the total proceeds from real estate sales in the Ellinikon project are already approaching 1 billion, having exceeded the target of 900 million euros, two months ahead of our year-end target. Sales of residential developments continue at a dynamic pace, with reservations in the Little Athens neighborhood reaching 85% of available apartments for sale. The progress of construction work is now visible on all fronts, while we expect an intensification of the pace of work in the coming quarters, despite the difficulties of the construction market.”
Leases
With regard to the commercial leases at the two under-development retail and entertainment destinations in Ellinikon, Heads of Terms (HoT) had been agreed with tenants for 63% of the Gross Lettable Area (GLA) at The Ellinikon Mall by the end of October 2024 and 69% of GLA at the Riviera Galleria, as noted, at higher prices than the malls in operation.
The capital expenditure (CAPEX) that has been carried out for buildings and infrastructure projects in Ellinikon during the same period reaches 171 million euros with the amount of total capital expenditure from the start of the project to 30.09.2024 now standing at 486 million euros.
The total cash receipts from property sales from the start of the project to 31.10.2024 amounted to 967 million, of which 668 million concerns residential developments in both the Coastal Front and the Little Athens neighborhood. Meanwhile, buying interest has been expressed for 383 apartments or approximately 85%.
