The saga over the development of the property at 8-10 Kriezotou Street, in the heart of Athens, has reached a critical juncture after the tender was awarded to Lampsa, which plans to build a multi-storey car park.
The e-EFKA board of directors unanimously approved the appointment of the listed company as the successful bidder in the repeat public auction for the lease of the 490.35 sq m plot.
The award followed Lampsa’s exercise of its right of first refusal as the parent company of “Zalokosta Tourist Single-Member Special Purpose Société Anonyme”, in accordance with the terms of the tender notice issued in July 2025.
“The plot to be leased at 8-10 Kriezotou Street, Athens, is subject to a right of first refusal (‘option’) held by the tenant company of the property owned by e-EFKA at 7-9 Zalokosta Street, Athens,” the tender notice states. The Lampsa group’s Athens Capital Suites - MGallery Collection is housed at the Zalokosta Street property.
The development comes as the legal dispute with the property’s existing tenant remains unresolved, with the case reportedly scheduled to be heard in late November.
Under the tender, the monthly rent is €65,000, equivalent to €780,000 a year, and the lease term is set at 30 years.
The same decision approved the lease agreement between e-EFKA and Lampsa.
The unresolved legal dispute
Despite the tender award, handover of the property remains pending, as the current tenant is still occupying it.
According to reports, the legal dispute is before a civil court and is expected to be heard in late November. The return of the property is the main issue to be resolved before the investment can proceed.
The e-EFKA decision nonetheless marks a new development in the case, as Lampsa has now been formally named the successful bidder. In any event, the Agency’s decision explicitly states that the lease with the listed company will be signed after the current tenant hands over the property.
The tender terms also clarify that, if handover is delayed, the social security fund bears no responsibility and is not obliged to pay compensation to the successful bidder.
Under the tender terms, the plot was leased for use as an open-air car park, with the lease due to expire on 7 July 2025.
Lampsa’s plans
The plot on Kriezotou Street, which is used as an open-air car park, belonged to the Seamen’s Pension Fund (NAT) before it was transferred to e-EFKA as part of the consolidation of social security funds.
According to the relevant decision, the property was leased in July 2012 to Smart Café Catering Single-Member Limited Liability Company, while the process of putting it to use through a new tender was linked to the legal dispute over its handover.
In July 2025, a repeat public auction was announced for the lease of the plot, requiring the successful bidder to implement an investment programme to construct a building, with a minimum investment of €4 million, in line with the area’s permitted land uses.
Lampsa exercised its right of first refusal, and the e-EFKA board has now approved the tender minutes and named the company the successful bidder.
The hotel group’s plans call for the construction of a modern multi-storey car park, which will serve its hotels in central Athens, where the availability of parking spaces has long been a challenge.