Lamda Development buys outlet mall McArthurGlen

Lamda Development has acquired the McArthurGlen designer outlet mall at Spata, east of Athens. 

The value of the 21,200-square meter property was set at €109 million, but the current owners, investment management fund Bluehouse and London-based McArthurGlen itself will receive €40 million, as Lamda will pay off the mall’s debts. 

McArthurGlen, at 95% capacity, hardly has any space left for more outlets and its visitors reached 4.2 million in 2019, the last pre-pandemic year. 

Not coincidentally, Lamda Malls, Lamda Development’s subsidiary, will soon be listed on the Athens Stock Exchange.