LAMDA Development buys into EFG Properties

The management of LAMDA Development announced that the company has acquired a 29.9% participation in EFG Properties, pursuing a series of business moves announced in the shareholders’ assembly on 20 January 2000. At the same time, EFG Properties announced that 20% of its stock has been acquired by the Deutsche Bank, the largest European bank.

EFG Properties (formerly EVO) is the EFG Eurobank branch operating in the real estate business. EFG Properties owns a series of buildings and operates in the real estate investment business.

Announcing the acquisition, LAMDA Development CEO Mr. Lambros Anagnostopoulos explained that “the new scheme combines the three elements that make it a mighty force in the real estate investment business: the know-how and experience of LAMDA Development, the vigor, networks and capacity for integrated solutions offered by EFG Eurobank, and obviously also the authority of a global power in the investment partnership with DEUTSCHE BANK. This alliance is bound to play a leading role in the Greek real estate investment market.”

For LAMDA Development in particular, its participation in EFG Properties is part of its strategy and operations in the real estate investment business, complementing its primary operations in real estate, and the development and operation of high yield projects.