Redesign should continue Lambda Development regarding the use of about 80,000 sq.m. offices that were to be acquired shores of Piraeus And Eurobank place all your services in Elliniko. These offices will need to find new users, unless a major unforeseen event occurs, as both banks they are not expected to proceed with the initial memorandums of understanding they signed with Lamda Development management.

Well-informed sources say negotiations are currently underway between bank management and Lamda to find the right formula for cooperation. For example, Piraeus Bank is discussing the possibility of investing in the entire real estate of the Vouliagmenis Mall complex, and not just in the office space (about 30,000 sqm) that will make up the said building.

It is expected that banks will not continue to implement the memorandums of understanding they have signed.

According to the offer agreed by both parties, Piraeus Bank will acquire a share in the entire building with an area of ​​130,000 sq.m. net leasable space, which means that he will be able to generate income from the leasing of both shops and offices. In essence, he will have the role of a passive investor in cooperation with Lamda, and not a buyer-user, as before. As a reminder, on the basis of the signed memorandum of understanding, Piraeus Bank was going to buy 40,000 sq. m of office space for the amount of 120 million euros. (mixed surface). The offices in question were to house all the services of the bank, which are currently housed in 18 sites in Attica.

“Second thoughts” exist within the ranks of the Eurobank, which also signed a memorandum of understanding for the purchase of offices in another building (office tower) to be built in Elliniko. Both sides are currently looking for another model of cooperation. If there is no positive result, the information indicates that Lamda will add about 40,000 sq.m. offices, which the Eurobank will acquire as part of a special vehicle (SPV), which is already planned. This will include approximately 100,000 sq.m. office space (or 140,000 sq.m. in the absence of an agreement with a bank) in Elliniko. An investor will be sought for 70% of this car (the remaining 30% will remain under the control of Lamda itself).

Other Lamda Development deals, however, are proceeding unhindered. For example, the Constantakopoulos family’s TEMES coastal investment is in the licensing phase and is expected to be implemented. The same applies to the investment initiated by Mr. Trifon Natsis’s Orilina Properties, which will launch the construction of a residential complex and an adjacent property that will include restaurants, recreational facilities, wellness centers and event venues. The total area is estimated at about 6000 sq.m.