Complete renovation of shopping centers Lambda Development, as for the first time since the start of the pandemic, there is a positive sign compared to the period before the health crisis. In particular, the listed company said yesterday that in the third quarter of this year, the total turnover of stores increased by 6% compared to the corresponding period in 2019, and the average cost per visitor increased by 39% compared to 2019. , the total number of visitors recorded a decrease of 24% compared to 2019, with the exception of the Golden Hall, where there was an increase of 12%, due to the positive contribution of the new part of the building, which began to function gradually from December 2019.

Overall, in the nine months of this year, store turnover decreased by just 2% compared to 2019, while average visitor spending increased by 39%. However, the total number of visitors decreased by 29%, which is due to significant changes, mainly in relation to the consumer audience of The Mall Athens. After the pandemic, the main reason for visiting the center is shopping for goods, and not so much cinemas and catering.

In nine months, the group recorded an after-tax and minority rights loss of $55.2 million.

At nine-month levels, shopping malls’ operating EBITDA increased by 50% compared to 2021 to €46.8 million, actually slightly below the historically high levels of €47.6 million in the corresponding period in 2019. ). Recall that on August 6, the merger of the recently acquired Designer Outlet Athens (formerly McArthurGlen) began. With this participation, EBITDA operating profit was €48.1 million, up 54% on 2021. In total, for the nine months of this year, the group posted a loss after taxes and minority rights of 55.2 million euros, compared with a profit of 209.6 million euros last year. when there was a positive effect of 306.1 million euros due to the revaluation of the investment properties included in the Hellinikon project. Excluding this year’s costs of €36.7 million related to the operation of the Hellinikon and the finance costs of €27.6 million related to the accounting for future liabilities associated with the project (acquisition price and infrastructure projects, in the public interest), resulting in adjusted net income of €9.2 million compared to €238.9 million in the last nine months. This year’s results include a positive effect of EUR 32.1 million from the revaluation of the group’s investment properties (shopping centers and Elliniko). Operating profit EBITDA before valuation and other adjustments is 39.6 million euros, up 43% year on year.

Regarding the progress of the Hellinikon project, Lamda Development announced yesterday that it has received advances on 90% of the luxury villa plots (The Cove Villas), 95% of the sold areas of the Riviera Tower (Pyrgos Katokion) and 85% of The Cove Residences also located on the seafront.