Lamda Development, the concessionaire of the massive Helleniko privatization in coastal southeast Athens, on Tuesday reported a 121-percent increase in nine-month EBITDA – 77 million euros – compared to the corresponding period of 2022.
The ATHEX-listed property developer’s malls division reported record-high EBITDA of 62 million euros, up 28 percent compared with the Jan-Sept 2022 period. Lamda’s marinas division reported EBITDA of 14 million euros, up 7 percent in comparison to the nine-month period of 2022.
Results for the company’s Ellinikon project, as the massive land development is now called, showed total cash proceeds of 241 million euros over the nine-month period this year, with overall proceeds since the project’s inception now reaching 448 million euros.
The group also reported zero bank debt and total revenues for the 9M period totaling 107 million euros.
The most prominent progress cited by Lamba for its Ellinikon project is completion of foundation works for the Riviera Tower, one of a handful of high-rise buildings planned at the 620-hectare tract of land along what’s billed as the “Athenian Riviera”.