“By the end of 2023, we believe that the first floors of the tower will now be visible. residences Riviera Tower and its outer frame buildingsaid yesterday its managing director Lambda DevelopmentOdysseas Athanasiou, as part of the related analyst briefing on the company’s annual financial results.
According to Mr. Athanasiou, most of the deep foundation work (piling construction) was completed a few days ago, and based on the progress of the work, additional revenues of 95 million euros are expected in the next period. but also 200 million euros by the end of 2023. These amounts will be collected under the terms and conditions specified in the sale and purchase agreements that Lamda has signed with the apartment owners, which provide for the payment of specific amounts based on the completion of an appropriate percentage of the construction of the project.
In total, Lamda’s management expects €500m from the sale by the end of this year. real estate which he has already completed. Of the above amount, about 216 million euros have already been collected. It is worth noting that this positive development means that Lamda Development will not need to resort to borrowing in 2023, as there is enough revenue to finance projects already underway, as well as those that will begin in the coming months. For 2024, it will be necessary to use part of the loan funds secured by the company, mainly for the construction of shopping centers.
The process of renting shopping centers is developing especially positively Greekin the case of the Vouliagmenis shopping centre, pre-contracts have been signed for 52% of the available space, and for the Riviera Galleria on the coast, the corresponding percentage exceeds 20%. The goal is to sign agreements for 70% of the area of the shopping center on L. Vouliagmeni and 50% of the corresponding area in the harbor of Agios Kosmas. However, Vouliagmenis Mall has already shown interest from tenants in 92% of the total leasable area.
The construction of the facility is scheduled to begin next September, and the contractor, as Mr. Athanasiou noted yesterday, will be announced towards the end of May. The commissioning of the Riviera Galleria construction site is also expected in the next three months.
Regarding the listing of Lamda Malls shares on the Athens Stock Exchange, Mr. Athanasiou said yesterday that it should not be expected before the end of the first half of 2024.
Source: Kathimerini
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