Lamda Development anticipates strong growth in its marinas by 2027, as the project in Agios Kosmas is expected to be completed within the next 7–8 months.
Following the group’s shopping centers, both the Flisvos marina and the Agios Kosmas marina are providing significant support to Lamda Development’s revenue until the Hellinikon project enters an advanced stage of development.
In 2025, the marinas’ EBITDA rose by 6%, reaching 21 million euros—a record amount for the group.
Although the Flisvos marina is operating normally with 310 berths, the one in Agios Kosmas is operating at 71% of capacity (337 berths) due to construction work.
“The important thing is that we achieved this performance while essentially operating with ‘one and a half legs’: one was the Flisvos Marina, which operated normally throughout the year, while the ‘half-foot’ was the Agios Kosmas Marina, since, due to the upgrade work, several boats had temporarily left the marina,” noted Lamda CEO Odysseas Athanasiou at the shareholders’ General Meeting held the day before yesterday.
“Nevertheless, we set a new record; the 21 million euros will increase in 2027—at least in part—and certainly in 2028, when the Agios Kosmas marina will be fully operational for the entire year,” he added.
At the same time, the group is preparing for new initiatives in the marina sector. Sources told Euro2day.gr that Lamda Development is interested in strengthening its presence in the sector and is closely monitoring the Superfund’s calls for proposals regarding the development of marinas through competitive bidding.
The Corfu mega-yacht marina
Outside Attica, Lamda is investing in the Corfu marina, a project worth 140 million euros. This involves a 40-year sub-concession, awarded through a competitive bidding process by TAIPED, granting the right to construct, operate, manage, maintain, and exploit the Mega Yacht Marina in Corfu.
Mr. Athanasiou explained that there has been a delay in the progress of the marina’s construction work in recent months.
“A shipyard located next to the marina was supposed to be relocated. It was originally scheduled to be moved last October, away from this location, so that the work could proceed. There has been a delay in this,” Mr. Athanasiou said.
“We hope that the Port of Corfu will expedite the necessary steps to relocate the shipyard to another site so that we, too, can begin our work, which we believe will significantly boost Corfu’s tourism offerings,” emphasized the CEO.
The project calls for the development of a high-end marina with 98 berths for vessels ranging from 30 to 140 meters in length, as well as onshore facilities covering a total area of up to 7,800 square meters, which will house retail stores, dining venues, hotels, and offices. In addition, the land area will include extensive green spaces, pedestrian walkways, sports facilities, and parking areas.
The project is expected to be completed in 2030.