Lamda Development is finally seeing the fruits of investment
The Latsis group is reportedly proceeding to set up a private equity firm, planned to be active in the international market, based in Geneva. According to the reports, the current CEO of Lamda Development, Lambros Anagnostopoulos, will head the group’s new venture. The end of Anagnostopoulos’s time at the helm of the property development firm coincides with the completion of Lamda’s first five years, dominated by the launching of the two new shopping centers, The Mall Athens and Mediterranean Cosmos in Thessaloniki late last year, as well as by the creation of the «Ilida» housing complex of 210 apartments in Maroussi. The presence of Anagnostopoulos at the head of Lamda is considered particularly fruitful as the company has successfully concluded one of the biggest private investment programs in the country, totaling 800 million euros. The nature and size of the program meant that Lamda and several of its subsidiaries in the property development sector experienced a number of loss-making years before they realized the group’s first profit, 80 million euros last year. According to Lamda Development officials, a further significant improvement is expected in the company’s financial situation this year, as a considerable portion of its investment program has been completed. The main objectives of the group this year are the further improvement of The Mall’s financial returns, the solution of any technical problems pending at Mediterranean Cosmos, the leasing of the «Ilida Business Center» office complex and the sale of apartments available in the Ilida housing complex. At the same time, the firm is promoting three new property development plans in Central and Eastern Europe, while in the domestic market it is aiming at starting two new projects. Moreover, Lamda Development has advanced negotiations with another Greek firm about settling its investment at Lamda Properties SA, where Lamda holds a 50 percent share. The market value of the commercial properties that Lamda leases to third parties comes to 602.56 million euros today. The total value of its assets in the property sector, including its holdings at EFG Eurobank Properties and Lamda Shipyards, comes to 902.92 million euros.
