Over the previous period important pending issues have been resolved:

The Council of State rejected all petitions for annulment.

In addition, condition precedent related to the plot’s ownership were also met, with the Hellenic Parliament’s ratification, by a large majority, of the laws on the property distribution and establishment of surface rights as well as on the transfer of rights in rem for the Hellinikon land plot. Other issues, related to the condition precedent for the award of a casino license in the Hellinikon property have been also settled with HRADF, paving the way for the launch of the project.

We launched partnerships with leading companies in their respective sectors, namely the strategic cooperation with TEMES SA for the joint development of two modern luxury hotels and the respective tourism and residential complexes on the Hellinikon coastal front.

In July 2020, we completed with an overwhelming oversubscription the issuance through a Public Offering of a Common Bond Loan worth €320m. In excess of 10,000 Greek private investors participated in the issue. In April 2021, we updated the basic business terms of €1.16bn syndicated bank loans for the project developments of the first five years of the Hellinikon project. Considering also the successfully completed €650m share capital increase in December 2019, we are in a position to cover all financing needs for the first phase of the project. We are satisfied because these developments constitute a substantial vote of confidence in Lamda Development from the investing public, as well as from Eurobank and Piraeus Bank.

The transfer of shares of HELLINIKON SA to Lamda Development signifies the official launch of the project. Hellinikon is the vision of the Greece of tomorrow. It is our country’s largest investment wager. The most important driver of growth and recovery of the Greek economy following the prolonged period of economic recession as well as the ongoing pandemic crisis.

Yet 2020 was also a year of several challenges. Each of us was tested, others more and others less, while many sectors of economic activity faced the unprecedented challenges by the pandemic.
The pandemic created extreme and adverse conditions in the global and domestic economic activity. Healthcare protection became the top priority. In our shopping centers we complied strictly with all the measures imposed for the protection of our visitors and employees. We had to adapt our operations in just a few days, if not hours.

Among the significant restrictions imposed to retail activities, due to strict healthcare protocols, was the suspension of our shopping centres’ operations for more than 100 days in 2020.

The rent discounts, which following our decision to further support our partners who have stores in our shopping centres, exceeded the discounts imposed by law by 30 basis points, meaning that the aggregate discounts/support to our partners (both those imposed by law and those that were not) reached approximately 70%. The overall financial impact amounted to €0.28 per share.
At the same time, amid this adverse environment, the trust of our tenants was reconfirmed, as our shopping centres’ occupancy rate reached almost100%. We are not complacent. We continue to seek ways to maintain the high level of shopping and entertainment experiences offered at our shopping centres.
We took targeted actions to attract shoppers and bolster customer traffic – always ensuring safe conditions. The response from shopping centres’ visitors in just a few weeks after the reopening, confirmed the leading position of Lamda Development’s shopping centres.
This crisis once more showed us that we need to constantly prove our ability to meet the challenges of a continuously shifting environment with many unknown parameters. Looking at both the past and the future, we draw optimism from the exemplary way in which our country managed the pandemic. This helped strengthen the sense of trust within and beyond our country’s borders, enabling Greece, every day, to consolidate its position internationally as a safe investment and tourist destination.
The firm support of our shareholders and, in particular, of our majority shareholder Spyros Latsis, as well as the trust of our partners, propel us to achieve our common goals.
A big personal thank-you to our executives who, with singular dedication, adaptability and passion, work every day to realise our vision. I have experienced their dedication during all previous years, however their enthusiasm and their responsiveness during the pandemic, turned 2020 into a milestone year for Hellinikon.

Thank you!

Odisseas Athanasiou
CEO