Lamda Development and TEMES S.A. reached the strategic agreement for the joint development of two hotels and residential complexes on the coastal front of Hellenikon in Greece. The joint investment is estimated to reach € 300 mln.
Athens, Greece: 27 November 2020
(c) The Hellinikon Project by Lamda Development
According to LAMDA Development, the project includes the development of 5* hotel at the Agios Kosmas marina and a beach front 5* hotel along the coastal front. The hotels will be developed together with branded residences and a commercial zone consisting of high-end retail, dining and entertainment venues.
According to the Chairman of TEME’s Board of Directors (BoD) Achilleas V. Konstantakapoulos, the goal is to contribute, alongside with the other important investments in the area, into placing the Hellinikon and the Athens Riviera as one of Europe’s top destinations, while creating value for society.
The design of the hotel units will be trusted to globally renowned architecture firms while the operation of the hotels will be carried by world leading hotel operators.
The development of the two complexes will be implemented by two special purpose entities (SPE), in which TEMES and Lamda Development will hold a stake of 70% and 30% respectively.
Lamda Development S.A. is a holding company specialising in the development, investment and management of real estate in Greece. The company is listed on the main stock market of the Athens Exchange. Its portfolio includes:
3 commercial and leisure centers,
The Mall Athens, Golden Hall in Athens, and Mediterranean Cosmos in Thessaloniki
Office buildings
Innovative residential complexes
Flisvos Marina in Faliro.
TEMES Group is a leading investor, developer and operator in the high-end tourism and real estate sector in Greece. TEMES Group owns Costa Navarino, one of the largest tourism investments in the Mediterranean. The Group also controls the company Ionian Hotel Enterprises SA, which is managed by Hilton and operating under the Hilton Athens Brand.
The Hellinikon Project is an € 8 bln investment to transform the site of the old Athens International Airport. Covering a prime, seafront location of 6,200,00 sq.m., the Hellinikon Project will consist of:
One of the largest municipal public parks in Europe;
Luxury residences;
Hotels;
a Yacht marina;
a Casino;
Science and Research Institutions;
a Multifunctional Events Center.
It is expected the Hellenikon Project will create more than 75,000 jobs in total and by the end of the investment period will have contributed more than € 7.42 bln to Greece’s GDP.
Navigator Consulting supports property and tourism investments in Greece and Cyprus, and has extensive experience in due diligence on tourism and property investments.
For further information, please contact:
Philip Ammerman
Managing Director
Sources:
Lamda Development. 27 November 2020.
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