The LAMDA Development Capital Stock Increase has began - LAMDA Development seals its dynamic course in the real estate development sector by the official opening ceremony of the Cecil Mansion at Kefal

Wednesday, September 25 2002

PRESS BULLETIN

The LAMDA Development Capital Stock Increase has began

LAMDA Development seals its dynamic course in the real estate development sector by the official opening ceremony of the Cecil Mansion at Kefalari.

Thanks to the contract of large projects, the dynamic development of the investment plan and the satisfactory operating results of the first semester LAMDA Development began its Capital Stock Increase on steady participation rates.

In addition to that, the company has announced the opening of a significant project, Cecil Mansion at Kefalari, on Tuesday, October 1st 2002, that signals the successful completion of the renovation and management works on the former historic hotel of Kifisia. LAMDA Development is engaged to a steady elevating trend for the materialization of one of the largest investment programs with a significant number of projects across Hellas.

The Capital Stock Increase of LAMDA Development by € 115,570,000, that began on September 24th and shall continue until October 8th 2002, takes place just a few weeks after the announcement of the company’s operating results for the first semester of 2002, which presented, in relation to the relevant period of 2001, a 63% increase on pretax earnings and a 116% increase on the company’s turnout.

On a brief statement, the company’s CEO, Mr. Labros Anagnostopoulos, referred to the following: “On the time being, ten projects with a total building land area of 500,000 m2 and a total budget of more than 600 million euros are under development by our Group. In addition we have multiplied our turnout and we have achieved a 20% increase in the total of our assets. Therefore, with an ambitious investment program of 700 million euros, an estimated real estate value of over 140 million euros and the Olympic Media Village, the biggest private project of real estate in Athens, we make a leap towards our main objective: to be the protagonists in the markets of our activities and to create an additional value for both our clients and shareholders.”

To the Author:
For further information, please contact CIVITAS,
Mrs. Pandora Lycouri (Tel. 6835403, 0946 502944)
Mrs. Alexandra Kardami (tel. 6852400)