Lamda Development is preparing a Plan B in case negotiations with the Italian group ION regarding the development of a Research and Innovation Center at Elliniko fall through, according to Lamda Development CEO Odysseas Athanasiou.
For the first time, Mr. Athanasiou has left open the possibility that the deal—which includes an Italian stake in Lamda Development—might not go through. The deal is considered critical not only for the project’s progress but also for the value of Lamda’s stock, which has long been stuck below 7 euros.
Speaking yesterday at the company’s Annual General Meeting, the CEO also mentioned the first 1,500 residents of Elliniko starting in 2027, the new 360,000-square-meter development plans, and that he “sees” a dividend on the horizon.
Regarding the discussions with ION, the CEO noted that these are “difficult negotiations” and that due diligence has been completed.
“We’d like it to be over, too. All I can tell you is that I believe that within the next two months, one way or another, these discussions with ION will be concluded. Assuming we don’t reach an agreement with ION, there are Plan B and Plan C to ensure a corresponding benefit for the company. “It’s not that, if the agreement with ION isn’t finalized—and I believe it will be—this will put us in a worse position than we’re in now,” he said.
It should be noted that the group will not pay a dividend for 2025, as it is reinvesting the funds in Elliniko; however, the CEO informed shareholders that he anticipates a dividend starting in 2029, that is, for the 2028 fiscal year.
Project Timeline
Meanwhile, significant progress is being made on the project. In the immediate future, Lamda Development will open the sports facilities to the public next month, and the lake at Elliniko will be completed in December. The Riviera Galleria shopping center is expected to be ready in early 2027, while the Agios Kosmas marina will be ready next summer.
Construction on the Ellinikon Mall began a month ago with the goal of opening in 2030, while the casino is projected to open in early 2029.
The First Residents
By the end of 2027, an estimated 500 apartments will be occupied in Ellinikon, housing approximately 1,500 residents. At the same time, Lamda is preparing to move forward with the second phase of the urban development. In the first phase of development, approximately 1,500 apartments will be ready by 2028, explains Mr. Athanasiou.
“The second phase involves the development of approximately 3,500 additional apartments. The ‘approximately’ has to do with the fact that we know the exact square meters of the development, which amount to 360,000, while the figure of 3,500 apartments is derived from a simple calculation, based on an average apartment size of 100–110 square meters.
“We believe that the plans will have progressed significantly by 2027, so that in 2028 we can begin bringing the new product to market,” he emphasizes.
Traffic has become a nightmare
On the subject of infrastructure, Mr. Athanasiou noted that “traffic is a major concern for us; it has already become a nightmare.”
“And it’s become a nightmare not only during rush hour but also throughout the day. So, just imagine—in a few years from now, with a successful Elliniko project, how bad things will be. Measures must be taken, and they must be taken immediately.”
In an effort to boost the construction of new projects in the area, Lamda has proposed funding studies for a tunnel connecting Attiki Odos to Ilioupoli and the conversion of Vouliagmenis Avenue into an expressway.
“We’ve made proposals—very specific ones, in fact. That is, to make simple changes along the Coastal Road, Poseidonos Street, and Vouliagmenis Avenue—simple things, I mean, like traffic lights and their timing.
AI can be utilized; someone could be brought in to manage the traffic lights—things that are already being done. From left and right turns to intersections where traffic lights are removed and replaced with roundabouts. “All of these are solutions for which studies have been conducted, and for which—as I’ve said before—we’ve expressed our willingness to provide funding and offer assistance,” he added.