Announcement in relation to business development
Lamda Development in accordance with its strategy towards strengthening its position in the real estate sector, announces that it has signed an agreement with Värde Partners (through a wholly owned subsidiary) (hereinafter referred to as “Värde”) for the participation by Värde in the share capital of the newly established subsidiary company LAMDA Malls S.A, which holds the shares of LAMDA Domi S.A. and Pylea S.A.. The above mentioned companies are owners of Golden Hall and Mediterranean Cosmos Shopping Centers respectively.
Specifically, Värde will contribute the amount of 61.3 mil euro for the acquisition of 31.7% of LAMDA MALLS S.A. and is keen to further support the expansion of the new company through acquisitions and new commercial developments.
The above payment of the amount of the transaction will be concluded when the relevant prerequisites mentioned on the contractual documents, which mainly concern bank approvals, will be fulfilled.
The initial value of the newly established LAMDA Malls S.A. investment portfolio amounts to 331 mil euro.
Lamda Development will inform the investment community for any new developments regarding the abovementioned agreement.
It is noted that Värde Partners is a $12 billion global alternative investment firm that employs a credit-oriented, value-based approach to investing across a broad array of geographies, segments and asset types, including real estate, corporate credit, mortgages, specialty finance, transportation and infrastructure. The firm sponsors and manages a family of private investment funds with a global investor base that includes foundations and endowments, pension plans, insurance companies, other institutional investors and private clients. Now in its third decade, Värde employs 250 people with main offices in Minneapolis, London and Singapore and additional offices around the world.
