Lamda Development remains committed to the goal of completing the first phase of the project in Ellinikon in 2026 to 2027.
According to Haris Goritsas (Chief Financial Officer) and Apostolos Zafolias (Chief Strategy & IR Officer), the aforementioned goal is achievable, despite the lack of resources (personnel, machinery, etc.) due to the high demand for constructions from the public and private sector, resulting in delays.
As they said in 2025, investments will accelerate, in order to advance both infrastructure and building projects. It is noted that from the start of the project until 30.06.2024 the total capital expenditure (CAPEX) stood at 419 million euros.
The management of Lamda also appeared satisfied with the performance of its operating shopping centers (The Mall Athens, Golden Hall, Mediterranean Cosmos and Designer Outlet).
According to Goritsas, the average consumer spending has increased by 4% compared to last year in the group’s shopping centers. The occupancy rate is at 99% for the three malls and has improved at the Designer Outlet (it was 98% in the first half of the year from 96% in the same period last year).
Based on the first quarter results, the operating results before valuations and other adjustments (Retail EBITDA) of the 4 shopping centers amounted to 44 million (8% increase compared to the corresponding period of 2023).
The aforementioned percentage increase is mainly attributed to the increase in net income from basic rents (7% compared to the corresponding period last year) and parking income (14%).
During the same period, the turnover of the stores in the four shopping centers amounted to 375 million (increase of 6%) while the total number of visitors was 11.6 million.
The gross average value (GAV) of Lamda Malls (the subsidiary that owns the 4 shopping centers in operation and the two under construction in Ellinikon) on 30.06.2024, as determined by the valuation of independent appraisers, amounted to 1.485 billion euros versus 1.459 billion with the value of the four in operation estimated at 1.149 billion euros against 1.123 billion euros.
