Revenue 16.7 million euros from property for sale in Elliniko recorded in the first quarter of this year Lambda Development, while an additional €143 million relates to deferred income, which will be recognized with a lag based on the progress of work, not collection, in the context of International Accounting Standards. Total receipts up to May 12 (since the start of the Hellinikon project) amounted to 242 million euros and relate both to receipts from the sale / rental of real estate and advances for the future purchase or rental of real estate.

According to what the management of the listed company announced yesterday, a loss of 21.4 million euros was recorded in the first quarter of 2023, compared to a loss of 7.7 million euros, when a positive effect (gain) of 16 million euros. , through the evaluation of shopping malls. Excluding this exceptional impact, this year’s quarterly results (when no investment property was revalued to fair value) recorded an improvement of 10%, or €2.4 million year-on-year.

Accordingly, consolidated EBITDA operating profit (excluding portfolio valuation) was €8.3 million compared to €4.5 million in the corresponding quarter last year. The company’s shopping centers played an important role in the development, where profit increased by 20% to 18.5 million euros, which is 12% higher (in comparable terms) compared to the first quarter of 2019. Also counting the positive contribution of Designer Outlet Athens (2.4 million euros), the total operating margin of Lamda shopping centers increased by 36% per year to 20.9 million euros.

In the first quarter of this year, the total turnover in the company’s shopping centers increased by 38% compared to 2022, continuing the growth trend already recorded in the second half of the previous year. Accordingly, the total number of visitors increased by 32% compared to 2022. Among other things, the Golden Hall increased by 30% and the Designer Outlet increased by 56%. The average spend per visitor increased by 5% compared to 2022.

With regard to the progress of the project in Elliniko, it was officially announced that a consortium of Avax and Rizzani will act as a consultant for the construction of the Vouliagmenis Mall complex, which is estimated to cost approximately 500 million euros. The consortium will play an advisory and oversight role during the early stages of the work and, if all goes well, it will also sign the final construction contract.

The process is similar to the one that followed the Riviera Galleria residential tower project already under construction by the Intrakat-Bouygues Batiment consortium.

Another major milestone in May was the signing of an agreement with the Mandarin Oriental Hotel Group to manage one of the hotels (and luxury residences/apartments) to be built on the coast, which is the subject of a collaboration strategy. between Lamda and TEMES by Konstantakopoulos.