Lamda Development is scheduled to begin construction Lamda Development announced the completion of an agreement with the Italian group ION to develop a Research and Innovation Center at Elliniko, while tenant interest in the two shopping centers being developed as part of the large-scale urban project remains strong.
In the press release published by the group late yesterday regarding the new bond to be issued next week, Lamda refers to critical agreements concerning Elliniko.
As for the deal with the Italians, which is being closely watched by the market, the transaction appears to be moving forward after months of delay.
“The total consideration for the transaction to be received by the group amounts to €450 million. The total size of the ION Group’s investment related to the Research & Innovation Center is estimated to exceed €1.5 billion during its development, which is expected to be completed by 2030.
Additionally, the ION Group will acquire treasury shares representing a 2% stake in the Company’s share capital, a move that reflects the ION Group’s confidence in Elliniko,” the statement emphasizes.
“The transaction is subject to the completion of legal, technical, and financial due diligence, as well as the finalization and signing of the contractual documents, which is expected to be completed by the end of July 2026,” the press release adds.
This is an agreement that will not only move the project into its next phase of development but will also add significant value to the share price, which has remained range-bound in recent months between €5.95 and €6.30.
The Healthcare Park
Regarding Lamda Development ’s agreement with the Athens Medical Group to create a state-of-the-art Healthcare Park at Elliniko, completion is expected by the end of 2028.
It is worth noting that the Healthcare Park will be developed to international standards in a prime location and will be situated in the immediate vicinity of The Ellinikon Mall.
“The agreement provides for the development of a self-contained and functionally independent building complex, with a total floor area of approximately 6,000 square meters, scheduled for completion by the end of 2028,” the press release states.
Strong interest in malls
On the shopping center front, tenant interest remains strong. As of May 20, 2026, non-binding Heads of Terms (HoT) agreements have been signed with retail partners for 70% of the Gross Leasable Area (GLA) at The Ellinikon Mall and binding and non-binding agreements with tenants for 76% of the GLA at Riviera Galleria, reflecting the strong interest of retail brands in these new developments.
Bond Offering Starts June 3
The offering process for Lamda Development’s seven-year bond will begin on June 3 and will last three business days.
The total proceeds from the Offering, in the event of full subscription, will amount to €350 million. Issuance expenses (including VAT where applicable) are estimated at approximately €10 million and will be deducted from the total proceeds.
Therefore, the net proceeds, in the event of full coverage of the Offering, will amount to approximately €340 million. The net proceeds will be used as follows:
(A) An amount of €320 million for the full early repayment of the 2020 Bond, through the exercise of the early redemption right pursuant to Clause 9.3 of the 2020 Bond, on July 21, 2026.
(B) An amount of approximately €20 million will be allocated to cover the financing needs of the Issuer and/or Group companies, to which it will be directed through a capital increase and/or borrowing for working capital, interest, and other financial expenses related to debt obligations.