Signature of long term use for IBC

Today, 29/8/2006 Olympic Properties SA and LAMDA Development signed the concession of long term use regarding the International Broadcasting Center (IBC). The agreement was signed by Mr Christos Hatjiemmanouil President of the Olympic Properties SA, Mr Apostolos Tamvakakis, Chairman and CEO and George Papageorgiou General Manager of LAMDA Development.

With the signature of the above mention agreement the international open bid of the Olympic Properties SA for the IBC was formally concluded. LAMDA Development has acquired the right to use 53.853 sq of the property. The concession period was set for 40 years and can be extended, following the written agreement of the two parties, for a period of up to 6 years.

The business plan of LAMDA Development concerns the development and operation of a modern shopping center with 40.000 sq of GLA in three levels. The center will have 1.400 underground parking spaces in two levels and an office building of 4.500 sq for further development.

The rest of the building will host the Museum of the Greek Olympic Games and the international Museum of Classical Athleticism, establishing the IBC as a dynamic whole for culture, commerce and leisure.

The cost of the development is forecasted to reach € 60 million, out of which € 40 million is the direct cost and € 20 million is the capitalized cost of the construction period.

The construction phase, following the award of the necessary permits is estimated to reach 20 months and the center will open to the public in fall 2008.

LAMDA Development will develop a modern shopping center of unique architectural design which will promote the commercial use of the building with respect to the wider area, to ΟΑΚΑ nearby premises and the urban planning of Maroussi.

The project will create approximately 2000 new jobs and will be beneficial to the local authorities through the revenues from the municipal tax which will be collected by the Amaroussion Municipality. Finally the visitors of IBC will benefit from a qualitative commercial center, which will cover their needs in products and services.

The investment will contribute possitively to the profits and Net Asset Value of the LAMDA Development Group of Companies.