Joint Housing Development Project in Romania by LAMDA Development and Technical Olympic

LAMDA Development S.A. and TECHNICAL OLYMPIC S.A. have signed a cooperation memorandum to undertake together an important housing development project in Bucharest. To implement the cooperation, the two parties will soon form a corporation called LAMDA-Olympic Srl., headquartered in Romania, which is expected to begin operations within the coming month.

The housing project will be built on an owned 0.92 hectare site in the Herastrau district of Bucharest, next to the park bearing the same name and very near the well-known lakes. The built floor area will be about 30,000 square meters with an additional 6,500 square meters underground, and will comprise 95 luxury houses. The project is expected to cost about € 22 million (USD 20 million.).

LAMDA Development, a corporation which is listed in the main market of the Athens Stock Exchange, is a holding company which, through its subsidiaries, is offering a broad range of integrated services in complementary fields such as real estate investment and development, tourism, ship building and repair, air transport, and infrastructure projects. This investment signals the start of LAMDA Development operations in the broader region of Southeastern Europe.

TECHNICAL OLYMPIC has operated in Romania during the last five years through its Romanian subsidiary EUROROM CONSTRUCTII SRL, which has created the implementation framework of this particular housing development program, the crowning achievement of its successful operations in Romania. Other developments involving the group companies operating in the Romanian market include the preliminary selection of TECHNICAL OLYMPIC and MOCHLOS as contract candidates for the construction of major highways in Romania, whose realization will be financed either by Japanese banks or by the European Investment Bank.