The agreement between Lamda Development and the Italian group ION for the development of a Research and Innovation Center at Elliniko is expected to be finalized by the end of July, although certain points of the negotiations remain pending, according to reports.
After months of delays, progress appears to be being made on the deal, which is a critical step for the project’s development.
“By the end of July, we will have concluded the negotiations. They are essentially finished. Right now, we are at the stage where the terms are being negotiated. It is a very large deal, so there are many negotiations,” sources report.
“The investor seems very eager to move forward, however, there are still some outstanding issues,” the sources emphasize.
The total consideration Lamda aims to receive from the deal amounts to €450 million. However, 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.
At the same time, the ION Group will acquire treasury shares representing a 2% stake in Lamda’s share capital.
It should be noted that trading in the company’s new seven-year bonds began yesterday, through which it raised approximately €340 million. On this occasion, Odysseas Athanasiou (photo) declared the opening of the trading session on the Stock Exchange.
Sports parks open
Meanwhile, the sports parks at Elliniko are expected to open to the public in July, as a series of projects enter the final stretch over the next twelve months.
In a few weeks, the track and field area, the basketball and tennis courts, four soccer fields, and the throwing area, while by the end of the year, the lake—where the canoe and kayak center used to be—is expected to be ready, along with the surrounding park.
The first residents
A milestone for the investment is the arrival of the first residents. Starting in early 2027, apartments (Little Athens) will begin to be delivered, as it is estimated that by the end of the year there will be enough buyers moving into Elliniko.
The Timeline
Meanwhile, the opening of the Riviera Galleria shopping center, a 23,000-square-meter space located on the coast, is scheduled for the summer of 2027.
As for the development of the two ultra-luxury 5-star hotels by the TEMES Group on the Elliniko waterfront, work is proceeding as planned. In fact, the application for environmental permitting for the Mandarin Oriental is expected to be submitted within the next two months.
Furthermore, the University of Nicosia’s branch campus is expected to open in the fall of 2028, as are the university’s student dormitories.
As for the Integrated Resort Complex (IRC) being developed by the Hard Rock International and GEK TERNA joint venture, the grand opening is scheduled for early 2029.