Lamda Development SA acquired the remaining 50 pct in Lamda Olympia Village (LOV), owner of The Mall Athens shopping center.
In an announcement to stock market authorities, Lamda Development signed a contract with Irere Property Investments Luxembourg for the purchase of 4,402,368 shares of Lamda Olympia Village, or 50 pct of LOV’s shares. The transaction will be completed after authorities approved the contract and LOV agreed to at least a three-year extension of its loan contract.
Following completion of the transaction Lamda Development will hold 100 pct of LOV’s equity capital. The Mall Athens is valued at 381.2 million euros.
Commenting on the agreement, Odysseas Athanasiou, Lamda Development’s CEO said the investment around 200 million euros was a significant development both strategically and economically for Lamda Development and signalled the continuation of its partnership with Varde Partners.
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