The construction of approximately 160 apartments for rent in Ellinikon is underway following the establishment of the special purpose company AURA Residential.
This is a total investment of 225 million euros, including the cost of the land as it was announced by Lamda Development in May.
The family of Spyros Latsis (main shareholder of Lamda) participates in AURA Residential with a percentage of 80% through the company Xeris Ventures and Hellinikon SA, a 100% subsidiary of Lamda for the development of the area of the former airport, with 20%.
The main activity of the newly established company is the development and exploitation of a Build-to-Rent (BtR) project within the “AU 1.4” building block of the Metropolitan Pole Ellinikon – Agios Kosmas.
As it has been announced, AURA will pay Hellinikon SA a total amount of 44.5 million, which concerns the price for the purchase of the plot (33 million euros) and the corresponding cost of the infrastructure (according to the Cost Sharing Agreement) amounting to 11.5 million euros, plus VAT.
It should be noted that 44.5 million is the share capital of AURA, part of which was paid with the establishment of the company (17.8 million) and the rest within the next five years.
Based on the statute, the purpose of AURA, in addition to carrying out activities related to the acquisition, sale or disposal, planning, construction, development, exploitation, management and exploitation of residential real estate, also includes the provision of services to support the functional needs of the homes, such as restaurants, cafes and bars.
