![Customer Visits](https://www.lamdadev.com/annual-reports/2021/wp-content/uploads/2022/06/Group-26.png)
Tenants’ Sales
The Mall Athens centers |
Golden Hall | Mediterranean Cosmos |
All Shopping Malls |
|
---|---|---|---|---|
H1 2021 | –0% | –0% | -0% | –0% |
H2 2021 | +0% | +0% | +0% | +0% |
FY 2021 | +0% | +0% | +0% | +0% |
* % change vs 2020.
Dear Shareholders,
2021 was a historic year for Lamda Development as the acquisition of HELLINIKON S.A. marks the beginning of a new era for the company, as the largest urban redevelopment project in Europe, The Ellinikon, comes to life.
A project that will not only generate value for our shareholders and create thousands of jobs in the Greek economy but will have an everlasting and profound impact on the community and citizens in our region.
Our commitment to the public is of paramount importance. To this end, we have presented landmark buildings of unique architectural design such as the Riviera Tower, the Riviera Galleria and the Ellinikon Commercial Hub, that will grace The Ellinikon and Attica. The wholeheartedly support and encouragement of the public is amazing and a source of inspiration for all of us at Lamda Development.
To express our gratitude and more importantly to show our unwavering dedication to the project, we have delivered the first part of the Ellinikon Park, the Ellinikon Experience Park in less than six months from the transfer of shares, that is open and accessible to all. Moreover, we recently opened The Ellinikon Experience Centre, a world class visitor’s centre, hosted in one of the historic hangars of the Hellenic Airforce to give a glimpse of the future that lies ahead for all.
The company immediately commenced the development of The Ellinikon with projects that are of particular importance, namely the infrastructure works and the new building that will house the associations for people with disabilities. Within 2022 the construction of the beach front residential Tower (Riviera Tower) will commence.
In building this exciting future, we are partnering with the very best. Lamda development has agreed a joint venture with TEMES for the development of two luxury hotels and branded residences on the coastal front. We are also excited that Piraeus Bank and Eurobank will relocate their headquarters to the state-of-the-art business centre while in collaboration with Fourlis Group will create a Retail Park in the commercial district of The Ellinikon.
At the same time, Lamda Development and The Ellinikon are becoming a point of reference for international business. We are proud to have signed important agreements with world leaders such as Brook Lane Capital for the joint development of a state-of-the-art Mixed Use Tower, Mace and Jacobs to which we assigned the role of Project Management Consultant for Buildings, Hill International to provide Project Management Consulting (PMC) services for the Infrastructure and Landscape Program, and the consortium between Bouygues and Intrakat to which we assigned the role of the Early Contractor Involvement for the landmark Riviera Tower.
Despite the evolving geopolitical crisis, the rising costs of materials and fuel, and supply chain disruptions, we remain steadfast to our core commitment: to deliver The Ellinikon per our business plan to shareholders and the community.
Although our focus over the last few years has shifted to The Ellinikon, we are pleased with the performance and the potential of our shopping centres that are on the right track to recovery after the devastating consequences of the pandemic on retail. We would like to thank all our tenants who have persevered in extremely difficult conditions making all our shopping centres a unique and wonderful experience for our customers.
Dear shareholders,
Today, after a long journey, Lamda Development is bringing to life our vision of a new city that all Greeks can be proud of and which signals to the world that Greece is at the forefront of smart living, sustainability, and innovation to the benefit of its communities and citizens.
In this effort, nothing would have been possible without the unwavering support of our shareholders and most of all our biggest shareholder, Spyros Latsis which has never lost faith in the vision that has guided Lamda Development for all these years even in very challenging times.
Finally, at the threshold of this new “epoch”, on behalf of the Board of Directors, I would like to express our gratitude and appreciation to all the people at Lamda Development who have shown passion, devotion, and faith in our vision for the company and The Ellinikon.
Odisseas Athanasiou
CEO
One of the largest institutional real estate investors in Greece and an undisputed leader in the shopping malls sector
The company’s shares have significantly outperformed the local stock market index (ATHEX General Index) as well as the local Large Cap index, generating a return of 44% over a 5-year period.
2017
2018
2019
2020
2021
Shopping Malls FY2021 EBITDA (The Mall Athens, Golden Hall and Mediterranean Cosmos) registered 23% increase vs. FY2020 to €45m, supported by the following key drivers in relation to KPIs:
Total tenants’ sales at our Shopping Malls increased by 36% vs. FY2020.
The average spending per visitor to our Shopping Malls increased by 26% vs. FY2020.
The total number of visitors (footfall) to our Shopping Malls grew by 8% vs. FY2020.
Average occupancy at our Shopping Malls remained unchanged vs. pre-pandemic levels to approximately 99%.
The Mall Athens centers |
Golden Hall | Mediterranean Cosmos |
All Shopping Malls |
|
---|---|---|---|---|
H1 2021 | –0% | –0% | -0% | –0% |
H2 2021 | +0% | +0% | +0% | +0% |
FY 2021 | +0% | +0% | +0% | +0% |
* % change vs 2020.
The Mall Athens centers |
Golden Hall | Mediterranean Cosmos |
All Shopping Malls |
|
---|---|---|---|---|
H1 2021 | -0% | -0% | -0% | -0% |
H2 2021 | +0% | +0% | +0% | +0% |
FY 2021 | -0% | +0% | +0% | +0% |
* % change vs 2020
In more detail, in H2 2021 (July-December period), following the abolition of the restrictive measures click-inside/click-away in the retail trade (as of 15.05.2021):
The Mall
Athens
Golden
Hall
Mediterranean
Cosmos
TOTAL
The Mall
Athens
Golden
Hall
Mediterranean
Cosmos
TOTAL
The Mall Athens is the largest shopping and entertainment center in Greece. It commenced operations in November 2005, introducing a new era in shopping, dining, and entertainment. Offering a series of distinctive Greek and international brands and a wide variety of recreational options, it has since become the ideal meeting point for residents and families, as well as for visitors to the Greek capital. Strategically located in the northern suburb of Maroussi, next to the Athens Olympic Stadium and public transport junctions, The Mall Athens includes about 200 retail and entertainment units, spreading over five levels, with a combined GLA of 58.5k sq.m., as well as 2,000 underground parking spaces. It is famous for its contemporary architecture and novel style, its practical layout, and the high-quality shopping and entertainment options offered to visitors.
At the very heart of Kifissias Avenue, Golden Hall stands out since 2008, offering its guests a unique shopping experience. Delivering a unique shopping experience paired with casual dining and family entertainment is at the essence of Golden Hall’s mission while approaching the visitors’ daily needs with a touch of laid-back finesse. Having set its standards high above anywhere else in Greece, Golden Hall is a deserved winner of the Best European Shopping Centre award. Entering the 56k sq.m. of Golden Hall, is the visitors’ unique gateway to a world of 147 fashion, beauty, sports apparel, technology, art, and design shops and brands. From high fashion to kids’ clothing and sports apparel, from ultra-premium brands to the stars of the casual era, and from the tech objects of the future to artifacts of design, Golden Hall serves its visitors to the extent of their needs.
The XPLORE Entertainment Center, located on the first floor of Golden Hall, is the largest themed and educational destination in Greece. 4.5k sq.m. of space full of unique, interactive experiences for the whole family, divided into the 3 thematic zones of Xplore Entertainment Center: Science, Adventure, and Oceans, designed to make learning and knowledge more exciting than ever. All exhibits are interactive and specially designed to engage children in discovering, exploring, solving problems, and working as a team while using their imagination and having fun in a safe and modern environment. In addition to these, the first and only aquarium in Athens, invites visitors to discover the amazing marine world and see up close more than 2,000 fish, along with sharks, rays and other unique creatures, in 19 water tanks, using the free audio tour.
The creation of the Athens Olympic Museum was initiated by Lamda Development, aiming to host an important part of the Olympic heritage of our country, as well as signifying the unique contribution of Greece to the establishment of the Olympic Movement and accenting Athens as the Olympic Capital. The idea of the “Endeavour”, the effort to surpass oneself in all aspects of life, was the inspiration behind the design of the Permanent Exhibition of the Museum. The Athens Olympic Museum operates under the auspices of the Hellenic Olympic Committee and the International Olympic Committee. The museum is also a member of the Network of Olympic Museums of the International Olympic Committee.
Mediterranean Cosmos in Thessaloniki is the largest shopping center in Northern Greece. With 46k sq.m. GLA, Mediterranean Cosmos is known for its 200 shops, its various dining and entertainment options, as well as its wide range of engaging activities for families on offer. Located near the city’s international airport and central highways, it is easily accessible and has become an increasingly popular destination for locals, residents of nearby cities and of course tourists. Mediterranean Cosmos operates under a ground lease from the Ecumenical Patriarchate.
Boasting a long history dating back 20 years, coupled with a 22% domestic market share, Flisvos Marina is the highest-ranking Greek tourist port in terms of turnover* and enjoys a prime reputation as the ultimate destination for international mega yachts. Flisvos Μarina features 310 berths, half of which accommodate boats and luxury yachts exceeding 35 m. in length, perfectly catering to the needs of all mega yachts from Greece and around the world. The port and land infrastructure (90.2k sq.m. in total), as well as the commercial part of the marina constitute a modern facility attracting upscale tourism.
Since 2002, when Lamda Development Group took over the management of Flisvos Marina, it has evolved into a leading and multi-award-winning marina in the Southeast Mediterranean, setting enviable standards Europe-wide and significantly contributing to the upgrade of the wider area.
Flisvos Marina’s commitment to excellence was recognized with the “5 Gold Anchors Platinum” distinction, the highest accreditation of the Global Gold Anchor Scheme, as well as the “5-star Recognition” by the European Foundation for Quality Management (EFQM).
Flisvos Marina has been awarded a Blue Flag since 2007 and certified with ISO9001 and ISO14001 by Lloyd’s Register Group since 2008. In 2020, it received the ISO45001:2018 certification by the same classification society hence becoming Greece’s first marina to hold all three certifications. In 2021, Flisvos Marina published its 3rd Sustainability Report according to the GRI standard.
The Ellinikon will play a crucial role towards rebuilding the economy in Greece.
Thanks to this €8 bln investment more than 85,000 new jobs will be created contributing 2.4% to Greece’s GDP by the completion date, while over the same timeframe over €14 bln in tax revenues will be created for the Greek State.
The Ellinikon has been designed to incorporate smart city concepts and cutting-edge technologies.
The Ellinikon is utterly unique in terms of position, scale and potential. Visitors and residents will be able to explore miles of trails and pathways on foot or on bike or choose to visit the Athletic Precinct — destined to be Athens’ go-to place for all kinds of workouts, yoga classes and a broad range of team sports. The Ellinikon’s coastal revitalization will combine shops and attractions, a 400-berth marina and new residences as well as a pristine new beach, accessible to all. A striking combination of natural beauty and world class architecture will make this seaside retreat a global attraction unlike any other in mainland Greece.
The Ellinikon will be a state-of-the-art smart district that pioneers the future of home, work, and entertainment. It will be among the first urban regenerations of its size worldwide to integrate from the ground up the most advanced “smart city” technologies, including Internet of Things, data analytics, ultra-high speed fiber optics network and full 5G, aiming to provide a digitally assisted everyday life to its residents and businesses, and a memorable experience to its visitors.
The Ellinikon sets new standards for sustainable urban development. Lamda Development’s commitments include LEED certifications for all buildings, SITE certification for The Ellinikon Park and WELL-certified offices, energy efficiency and reduction to minimize carbon emissions, water conservation strategies to restore natural systems, sustainable building materials to preserve natural resources, climate adaptation to future proof the development, and walkable, bikeable pathways throughout, with electric vehicle facilities serving the entire development. The Ellinikon Park will be designed following the latest sustainability principles and best practices, and will stand as an ecological marvel and an important source of community education.
The Ellinikon Experience Park, a 70k sq.m. part of the Ellinikon Park, has already been delivered to the public, and welcomes thousands of visitors daily to explore, to relax, and to enjoy unique experiences close to nature. The Experience Park offers unique experiences for people of all ages, including a spectacular interactive fountain, an outdoor fitness area, a modern playground, and a Zen Garden.
The Ellinikon Experience Centre is an advanced visitors’ center, which operates within the Experience Park - in the historic Hellenic Air Force Hangar C - in order to formally introduce the Ellinikon to the public and to help them realize the great importance and impact of this major urban regeneration project. The areas of the Experience Centre are organized around five areas, where through specially designed interactive experiences, visitors will be able to see the vision and the overall design of the Ellinikon.
designed by Foster + Partners
The first luxury beachfront high-rise residential tower in Greece
designed by Kengo Kuma & Associates
An upscale destination with a luxurious feel, ideal for shopping, socializing and leisure
designed by Aedas. A state-of-the-art commercial and business destination home to the largest mall in Athens.
The largest coastal park in the world
Self-sufficient with respect to its irrigation and electricity needs
Designed with strict biodiversity guidelines taking into consideration the Mediterranean climate
The first smart park in Greece with AR and smart mobility capabilities and smart energy and water management systems
Within the framework of the benefits provided and the social policy implemented by the company, the company offers its employees a series of financial and social benefits:
Lamda Development’s Sustainable Development Strategy is summarized in the following three pillars:
Innovation & new technologies
Purpose driven culture & business ethics
Sustainable Finance
Collaborations & partnerships / Stakeholder engagement
Lamda Development with advanced and modern architectural design, as well as the implementation of standard auxiliary services, aims to ensure environmentally friendly operations for all existing and future development projects.
Lamda Development focuses on the rational water management, both at company level and during the development and operation of projects, shopping malls and the marina. It is committed to reduce water consumption and monitor in all its manifestations, while its goals are intertwined with the reduction of its environmental footprint.
Lamda Development's commitment to environmental protection, the proper management of solid waste, the promotion of recycling and the application of the principles of the circular economy, are a daily reality for the existing business units (Golden Hall, The Mall Athens, Mediterranean Cosmos, Flisvos Marina), as well as for new projects, such as The Ellinikon.
Lamda Development’s contribution to the prosperity of the society and the local communities, is based primarily on the understanding of the needs of the stakeholders, but also on the social solidarity which is a key priority in the implementation of the company’s Sustainable Development strategy.
Seasonal bazars of various NGOs have been hosted in the premises of Lamda’s shopping centers in order to financially support their activities and raise awareness among all visitors.
Lamda Development, faithful to its commitment for the promotion of Greek cultural heritage, presented the 20th volume of the series “The Museums Cycle”, dedicated to the Xenokrateion Archaeological Museum of the Sacred City of Mesolongi. Through the pages of the volume, the reader discovers important archaeological findings and collections of great historical and subject range, from prehistoric to late Roman times, representative of the tribes that inhabited the region. The author of the volume is Olympia Vikatou, archeologist and Director of the Ephorate of Antiquities of Aetoloacarnania and Lefkada
The implementation of best practices constitutes an extremely significant part of Lamda Development’s business planning. The key goal of the company is to create value for its shareholders, strengthen employment, and further develop services of high added value for its customers.