Investment Portfolio breakdown per type
31.12.2023
Dear Shareholders,
2023 was once again marked by strong performance for LAMDA Development Group. We are proud to have achieved all of the financial and operational goals we had set at the start of the year for all of our activities. And this was accomplished against a global backdrop that continued to be geopolitically and economically unstable.
Our financial performance continues to break historical records.
The Group’s consolidated operating results (EBITDA) for 2023 reached €206 million, a 69% increase compared to 2022, while consolidated net profit was €27 million vs. a loss in 2022. For our four shopping centres in operation, a new historical record for operating profit (EBITDA) of €81 million was attained, up 18% from 2022. In regards with The Ellinikon, operating profit (EBITDA) amounted to €65 million, meaning that the project generated profit in just two-and-a-half years since the purchase of the Hellinikon S.A. shares.
Specifically about The Ellinikon:
Total cash proceeds from property sales since the launch of the project amounted to €641 million as at 31.03.2024. Agreements were also signed for the sale of properties (TEMES, Brook Lane, Orilina), with total proceeds as at 31.03.2024 reaching €90 million.
In 2023, we delivered the first building of the development, which we completed within just one year. The building is already in use as a Care Center for People with Disabilities (PwD) and was handed over to the Municipality of Elliniko-Argyroupoli. This is a €15 million project which has already earned the noteworthy international LEED Platinum certification for sustainability and was voted ‘Project of the Year 2023’.
Additionally, progress on the projects is increasingly more visible from Poseidonos Avenue, Vouliagmenis Avenue and the roads neighbouring the project.
SHARE PRICE PERFORMANCE / 5-YEARS
31.12.2017 - 31.12.2023
Shopping Malls
Key Performance Indicators (KPIs) in 2023
% change vs. 2022
1. Data refer to the 4 Malls in operation. For comparison purposes data for the Designer Outlet Athens in 2022 refer to the entire 12month period. Designer Outlet Athens consolidated since 06.08.2022
Infrastructure Works and other building construction works at the Ellinikon
01
THE MALL ATHENS
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 of 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 195 retail and entertainment units, spreading over five levels, with combined GLA of 67.981k sq.m., as well as 2,100 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.
0.0k sq.m.
GLA
0
Stores
€0m
Fair Market Value
0%
Average Occupancy
0,0
Underground Parking
Spaces
02
Golden HALL
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 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 59.343k sq.m. of Golden Hall - including also 1,600 underground parking -, is the visitors’ unique gateway to a world of 149 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.
0,0k sq.m.
GLA
0
Stores
€0m
Fair Market Value
0%
Average Occupancy
1,0
Underground Parking
Spaces
The XPLORE Entertainment Center, located on the 1st 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: Science, Adventure, and Oceans aquarium, designed to make learning and knowledge more exciting than ever. In addition to these, the first and only aquarium in Athens, invites visitors of all ages to discover the amazing marine world, see up close more than 2,000 fish, along with sharks, rays and other unique creatures, in 19 water tanks, and learn fascinating facts using the free audio tour. XPLORE continuously evolves by creating several educational programs approved by the Ministry of Education, entitled "Learn more, Play more" aiming to upgrade the family entertainment standards in Athens.
The creation of the Athens Olympic Museum has been an initiative by LAMDA Development. The Athens Olympic Museum, serves its mission to contribute to building a better world by educating and inspiring youth and elder without discrimination of any kind and in the Olympic spirit, via its permanent and periodic exhibitions, educational activations, programs and initiatives. The permanent exhibition of Athens Olympic Museum showcases the enthralling history of the Olympic Games, as well as the role and contribution of Greece to the establishment of the Olympic Movement. The Athens Olympic Museum in Golden Hall is a cultural and educational center and has created a new Olympic pole for the residents and visitors of the Greek capital.
03
Designer
Outlet ATHENS
Designer Outlet Athens is the premier designer outlet in Greece opened in 2011. With 23.493 sq.m. GLA, beautiful setting, cafes and restaurants, 2,000 parking spaces and 110 stores offering more than 100 designer brands up to 70% off, all year round. Designer Outlet Athens is the absolute shopping destination. Located just 30 min from Athens Centre and 15 min from Athens International Airport one can find a wide range of stores, ranging from iconic fashion brands to athletic labels and high-street favourites. Designer Outlet is also open on Sundays during the key touristic period starting from May up to end of October becoming an attractive shopping destination not only for domestic but also for European and international tourists.
0.0k sq.m.
GLA
0
Stores
€0m
Fair Market Value
0%
Average Occupancy
2,000
Parking Spaces
04
Mediterranean Cosmos
Mediterranean Cosmos in Thessaloniki is the largest shopping center in Northern Greece. With 56.512k sq.m. GLA, Mediterranean Cosmos is known for its 196 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, offering also easy parking with its 2,800 parking spaces. It 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.
0.0k sq.m.
GLA
0
Stores
€0m
Fair Market Value
0%
Average Occupancy
2,0
Parking Spaces
05
FLISVOS MARINA
Boasting a long history dating back 21 years, coupled with a 21.5 % 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 30 m. in length, perfectly catering to the needs of all mega yachts from Greece and around the world. The port and land area (344.228 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. In 2023, Flisvos Marina published its 5th Sustainability Report according to the GRI standard.
0.2k sq.m.
Land Zone Area
0.0k sq.m.
Commercial Complex
0
Berths 102% Occupancy Rate
0%
Οccupancy Rate
THE
ELLINIKON
The Ellinikon is one of the largest urban regeneration projects in Europe, a multi-dimensional development on the Athens Riviera and LAMDA Development’s flagship project. Planned by the world-renowned firm Foster + Partners, is unique in Europe for its location, its size — three times larger than Monaco — as well as its scale and potential. The 6,200,000 sq.m. of Athens’ former international airport site and adjacent coastal front will be transformed into a unique ecosystem comprising several distinct communities, each with its own character. At the western edge of The Ellinikon, the 3,5 km of coastline will be upgraded and enhanced for luxury living and public enjoyment. And in the center of it all resides the 2,000,000 sq.m. Park, one of the largest coastal parks in the world and a showcase for Greek heritage and biodiversity. The project represents a unique opportunity to redefine the urban living experience in Greece and Europe.
Our vision is to seamlessly blend the region's natural allure and distinctive attributes with smart city principles and sustainable infrastructure. A true 15-minute city at the crossroads of East & West, boasting one of Europe's best climates, with more than 300 sunshine days a year and international connectivity, just 30 minutes from the airport. It encompasses 8,000 new homes, luxury hotels, retail destinations, workplaces, recreational facilities, hospitality venues, a 310-berth marina, entertainment hubs, a 1km sandy beach, and cultural destinations, revolving around the biggest coastal park in the world. Set in the heart of an established commercial market and blessed with the captivating ambiance of the Athens Riviera, The Ellinikon forms a unique opportunity for investors, businesses, and property owners.
0.0m sq.m.
Total Land area
0.0m sq.m.
Total Buildable Area
0m sq.m.
Park
0k sq.m.
Open Green Spaces
<0%
Coefficient Coverage
0km
Path network for
pedestrians and cyclists
0km
Newly developed
free access beach
The economic and social impact of The Ellinikon
The Ellinikon is being developed as a singular property encompassing a range of metropolitan-scale functions and international significance. The aim is to enhance Athens as a tourist destination, a business center, as well as a recreation area. At the same time, The Ellinikon aims at the creation of jobs, at the development of a Metropolitan Park and other destination points - with green and recreation spaces open to everyone - as well as at the regeneration of the nearby seafront area. A city is being developed based on modern international practices, where everyone will be able to find what he/she requires on a daily basis, and at a very close distance: schools and sports facilities, health and welfare services, as well as entertainment and recreation areas.
0m
Visitors expected
annually
€1.0bn
Budget for
infrastructure projects
0,000
New jobs
A Smart City
The Ellinikon will be a state-of-the-art smart district that pioneers the future of home, work, and entertainment; utilizing technology to deliver sustainability and serve the people of tomorrow. A Smart District from the ground up, both people-focused and future-proofed, robust, resilient and highly networked, welcoming innovations as they become available. Integrating the most advanced “smart city” technologies, including Internet of Things, AI analytics, ultra-high speed fiber optics network and full 5G, aims to provide a digitally assisted everyday life to its residents and employees, and a memorable experience to its visitors. Technologies that are user centric — pursuing wellbeing, safety and privacy — and provide digital readiness for the future economy.
Parts of The Ellinikon already
delivered to the public
The Ellinikon Experience Park opened its doors on December 20th, 2021 and since its official opening, it has been visited by more than 1.8m visitors. It is the first part of The Ellinikon Park located within the Aviation Hangars Precinct and the overall development, signifying the initial green shoots of a much greater transformation. Covering 75k sq.m., features new softscape areas with 900 new trees and 80,000 plants, plazas, playground, outdoor fitness area, interactive fountain and supporting facilities. It is inclusive and accessible by all, intending to promote the connection amongst visitors.
The Ellinikon Experience Centre functions as a state-of-the-art visitors' facility situated within the Experience Park, specifically in the historic Hellenic Air Force Hangar C. Its purpose is to formally acquaint the public with The Ellinikon and enable them to comprehend its immense significance and influence as a prominent urban revitalization endeavor. The Experience Centre is comprised of distinct sections, each centered around five key thematic areas. Through thoughtfully crafted interactive encounters, visitors will have the opportunity to witness the envisioned future and comprehensive layout of The Ellinikon.
The first building of The Ellinikon that was handed over to the Municipality of Elliniko-Argyroupoli in September 2023 was voted “PROJECT OF THE YEAR 2023”. The building complex, which already houses associations for people with disabilities, was completed in just one year, fully funded by LAMDA Development. The state-of-the-art PwD building complex has received also the prestigious LEED Platinum certification for passing the conditions and criteria of green development.
0
Εmployees*
*Total number
of employees of
LAMDA Group as
of 31.12.2023
0%
Female
0%
Male
0,00 hrs
of training sessions
Sustainable Development Strategy
At LAMDA Development, Sustainable Development is aligned with the company's business strategy and values, as it is the tool to create a sustainable future for the company, as well as for the economy, society and the natural environment. The Ellinikon’s Sustainable Development Strategy consists of 3 main pillars, each of which has a broader target and individual focus areas:
Decarbonization
Circularity
People and Prosperity
Climate change
LAMDA Development, by following international best practices and implementing sustainability strategies, aims to ensure environmentally friendly operations all projects in operation and under development.
- The company’s assets apply an EMS and are equipped with Building Management Systems (B.M.S.) to monitor energy consumption.
- In 2023, according to the EU Green Deal and the National Climate Law, a carbon footprint assessment was carried out for a second year, based on the specifications of the ISO 14064-1:2018. As a result, the Group’s carbon footprint for 2023 marked an overall reduction, regarding both direct and indirect emissions falling within Scopes 1, 2 and 3.
- Environmentally friendly design is followed at the Ellinikon based on the principles of Sustainable Development. Until 2023, three of The Ellinikon projects have been pre-certified according to the “LEED” sustainable building standard at Gold level. At the same time, the certification of individual projects with the international “SITES” certification is promoted, aiming at the development of sustainable and resilient landscapes.
- Within 2023, the Group proceeded with the identification and assessment of climate-related physical risks, in accordance with the principles of the EU Taxonomy Regulation. The climate risk analysis concluded that there are not significant climate risks for the Group’s assets, based on the adaptation approach and measures that are already taken or planned.
Water and Wastewater
LAMDA Development focuses on the rational management of water and wastewater and the protection of the marine environment, both during the operation of its existing shopping centers and marinas, as well as during the development and operation of the new development projects.
The Group is not expected to have a significant impact on water resources, as recorded in the relevant environmental impact studies. However, its approach is to monitor, optimize and reduce the use of potable water, following various water saving actions and measures and by utilizing specific water saving mechanisms and devices. It also strives to use alternative water sources and properly manage the urban wastewater.
In addition, during the construction and operational phases at The Ellinikon, a Water Management Plan is being implemented, which includes a Water Saving Program and a Water Quality Assurance Programme. Within this framework, a Wastewater Treatment Plant is planned to be designed, which will produce recycled irrigation water to meet the needs of the Metropolitan Pole.
Waste Management
LAMDA Development recognizes the importance of the sustainable use of raw materials and strives to implement systems and practices that will reduce the use of raw materials and natural resources both in the operation of existing business units and also in the new projects such as The Ellinikon. In the context of reduction and management of solid waste, the Group prioritizes recycling and embraces the principles of the circular economy in its daily operations.
Group’s shopping centers, implement modern waste management practices with a strong focus on recycling, and waste segregation at the source. Flisvos Marina implements a Waste Management System which manages 16 different recycling streams and strives to channel all waste, generated by both its operations and its customers (such as yachts and tenants), to licensed recycling facilities. At The Ellinikon, a robust waste management system is also being implemented, following waste segregation practices at source. The management of excavation, construction, and demolition waste adhere to the current legislation and the project's environmental requirements, targeting to achieve high recycling rates. The demolition and excavation materials are kept and temporarily stored within the Metropolitan Pole so that they can be reused in future works.
Energy Investments
LAMDA Development, following a specific investment plan, has strategically entered the energy sector, with the goal to supply The Ellinikon as well as its existing assets with renewable energy. The Group in 2022 acquired a percentage of 67.71% of GREEN VOLT P.C., a company that is developing 4 wind farms with a total capacity of 242 MW in Northern Greece. The Group, following its investments in companies in the sector of renewable energy, will be monitoring on an annual basis specific performance indicator.