Strategic cooperation agreement between LAMDA Development and FOURLIS for the development of a Retail Park in the Ellinikon
LAMDA DEVELOPMENT S.A. (hereinafter the “Company”) announces, in accordance with Regulation 596/2014/EU and the Athens Exchange Regulation, each as applicable, that, in the context of its business plan for the development of a new generation, cutting-edge shopping mall within the Ellinikon, located adjacent to the Vouliagmenis Avenue, which will be developed during the first five year phase of the landmark Ellinikon, it has signed a strategic cooperation agreement with FOURLIS S.A. (hereinafter “FOURLIS”). The said agreement entails the implementation of a unique Retail Park (hereinafter the “Retail Park”) within the Mall development, which will consist of Big Box unit tenancies (“Big Boxes”).
The total investment for the development of the Retail Park amounts to €55m.
The agreement between the Parties, as stipulated in the Memorandum of Understanding, entails the partial property acquisition by FOURLIS and the equivalent co-ownership percentage for a section of the plot upon which the Mall will be developed, with the aim of designing and constructing a Retail Park of 30,000 sqm GFA.