Signing of a Framework Agreement LAMDA Development, HELINIKON S.A and BROOK LANE CAPITAL Group for the development of a Mixed Use Tower
Maroussi, 31 January 2022
LAMDA DEVELOPMENT S.A. (hereinafter the “Company”), in accordance with Regulation 596/2014/EU and the Athens Exchange Regulation, each as applicable, announces the following in relation to the landmark Ellinikon project.
In the context of the business plan implementation for the development of the landmark Ellinikon project, the Company and HELLINIKON S.A. signed on 27.01.2022 a Framework Agreement with a company of the group BROOK LANE CAPITAL for the development of a state-of-the-art Mixed Use Tower, within the Commercial Hub in the Vouliagmenis Avenue, which will be completed during the first five-year phase of the Ellinikon project. The said agreement concerns the development of a Mixed Use Tower consisted of office space, luxury hotel and residences, which is intended to constitute a landmark building of the whole area.
Subject to the fulfillment of the conditions included in the said Framework Agreement, the development will be carried out through a special purpose vehicle, whose share capital will be held by a company of the group BROOK LANE CAPITAL and by HELLINIKON S.A. at 70% and 30% respectively. The time required for the fulfillment of the aforesaid conditions is estimated at approximately six months. The design of the Mixed Use Tower has been assigned to the leading international architectural firm AEDAS, while the management of the hotel and residences will be assigned to an internationally renowned management company (hotel operator).
The total investment for the development of the Mixed Use Tower is estimated at €200m.