LAMDA DEVELOPMENT and PLIAS S.A. are jointly developing property in Kato Kifissia

A new corporation was formed by Plias S.A. and the LAMDA Development group of companies in order to develop the property of the old PAPOUTSANIS factory in Kato Kifissia. To that end Plias S.A. has acquired a 50% participation in LAMDA REAL ESTATE, a subsidiary of LAMDA Development.

In 2001 LAMDA REAL ESTATE, now owned equally by the two companies, bought the property from Plias S.A. for € 8.2 million (2.8 billion GRD) with the intention of developing it in the immediate future. The property has an area of 2 Ha and includes the old PAPOUTSANIS factory, which had been damaged in the big earthquake of 1999. The goal of the two companies is to create a strong scheme for developing a 2,9 Ha property.

The strategic cooperation agreement between LAMDA Development S.A. and Plias S.A. expands the range of operations of LAMDA Development in real estate, and assures immediate cash flow for PLIAS S.A., developments which are considered especially favorable by the shareholders of both companies.
Plias S.A. is a leader in the production and marketing of consumer goods, and has drawn a new operations development strategy, part of which are the business actions it is now undertaking.

LAMDA Development S.A. is a holding company offering a broad range of integrated services through its subsidiaries is fields such as real estate investment and development, tourism, ship building and repair, air transport and infrastructure projects.