Construction Branch Break-Away Now Complete LAMDA Development: Formal inauguration of a new age in real estate
LAMDA Development has now completed the process of shedding its construction arm by selling the stock it held in Ergotechniki S.A. for a total of 3 billion GRD, earning LAMDA a 1 billion GRD profit.
The construction arm devolved to Ergotechniki S.A. on 29 February 2000. The stock was sold on this date to Messrs. Christophoros Constantinidis, Dimitrios Constantinidis and Ioanna Constantinidi with the shareholders consent granted on 20 January 2000 by the shareholders general assembly. The sale of the construction arm includes the public contractors license and the former name of the company, Technical Company Christophoros D. Constantinidis S.A., while LAMDA Development retains the services arm and the construction supervision arm.
Implementing the investment plan it had announced in its General Assembly on 20 January 2000, Lamda Development has already moved ahead to change its business profile by acquiring 100 percent of the stock of real estate companies DIMIOURGIA S.A. and OLYMPIA S.A., and 75% of HEPHAESTUS S.A., while it also owns 29.9% of EFG Properties, a company in which Deutsche Bank holds a 20% participation.
The Board of the new management scheme includes Messrs Spyridon Makrydakis as Chaiman, Lambros Anagnostopoulos as CEO, and Georgios Kallimopoulos, Nicolaos Karamouzis and Evangelos Chronis as members.
Under the new ownership and new management, the company formally withdraws from construction business to specialize in real estate development and management, and also in providing specialized services.
The goal of LAMDA Development is to grow into one of the most significant and effective real estate development and service companies in Greece and its surrounding region.
