As of May 15, 2025, Lamda Development has reported total cash receipts of €1.18 billion from property sales in The Ellinikon. However, the company saw a decline in both revenue and profits during the first quarter of the year.
Cash reserves related to The Ellinikon reached €290 million on March 31, 2025, a slight decrease from €292 million on December 31, 2024. Additionally, while there is a secured credit line of €232 million from lending banks for this significant development at the former airport, the associated bank loans have yet to be disbursed.
In the first quarter, Lamda Group’s sales totaled €105.8 million, down from €141.7 million in the same quarter last year. Consolidated operating results (EBITDA) fell to €17.4 million from €40.2 million. The final results indicated a loss before taxes of €10.9 million, a shift from last year’s profits of €7 million, and after-tax losses amounted to €10.6 million compared to a modest profit of €0.7 million.
Apartment Sales
The company’s management highlighted that apartment sales in the Little Athens district are progressing well. By mid-May, 559 apartments were available, with expressed interest in 472 of them, representing 84% of the total. Moreover, income from residential developments for the first quarter of 2025 was €66 million, marking a significant increase of 116% compared to the same period in 2024.
Capital expenditures (CAPEX) for buildings and infrastructure within The Ellinikon reached €81 million, bringing the total to €644 million since the project’s inception.
Regarding project progress, the management expects the first sports fields to be ready for athletes within the upcoming quarter. In addition, Heads of Terms (HoT) have been finalized for 63% of the Gross Lettable Area (GLA) at The Ellinikon Mall and 77% of the GLA at Riviera Galleria.
In February, a bank loan agreement totaling €185 million (including €39 million designated for VAT financing) was signed to support the construction and operation of Riviera Galleria. Currently, concreting works are ongoing across all buildings in the Riviera Galleria complex, and excavation at The Ellinikon Mall has been completed, with the remaining construction undergoing final tendering processes.
As of March 31, 2025, the Gross Asset Value (GAV) of the Lamda Malls group was reported at €1.5 billion, with the value of the four operational shopping centers at €1.2 billion. The four centers generated Retail EBITDA of €22.7 million in the first quarter, a slight increase from €22.5 million, attributed mainly to a 5% rise in base rents compared to the same period in 2024.
