Lamda secures 1.5 bln euros for Elliniko

The funding scheme Lamda Development is planning to finance the first five years of its investment in Elliniko is in the final stretch, as the Athens-listed company had its 650-million-euro capital increase approved on Monday and announced it will be borrowing 880 million from Eurobank and Piraeus Bank.

Therefore Lamda will have collected over 1.5 billion euros by the end of the year. This will be followed by the issue of a 150-million-euro corporate bond early next year. The projected revenues of 400 million euros from the lease and sale of properties, such as the casino and the residential and commercial developments, should take the total amount to 2 billion euros to fund the first five years of work at Elliniko. That work includes the infrastructure, park and shopping centers, as well as the payment of installments to the state for that period.

Lamda announced on Monday the provisional agreement on the funding of 880 million euros by Piraeus and Eurobank in the context of preparing for the Elliniko project’s implementation.

The Capital Market Commission also announced the approval of the Lamda bulletin for the offering of 97,014,940 new shares at 6.70 euros each.