Three bidders, all of them domestic companies – as was also the case with the Riviera Tower project – will try to land the contract for building the Ellinikon Mall, the development’s largest building project after the Integrated Resort Complex of the GEK Terna – Hard Rock consortium. The contract for the Ellinikon Mall on behalf of Lamda Development is, according to information, being sought by Avax, GEK Terna and METKA of the Metlen group.
The latter has already undertaken and is proceeding with the construction of Lamda’s other shopping center at Elliniko, the Riviera Galleria, covering 20,000 square meters on the coastal front of the former airport property. METKA is also participating in the sports facilities project there. In turn, Avax is constructing the infrastructure works and the undergrounding of Poseidonos Avenue.
When the new shopping center is operational, it will be by far the largest in the country, succeeding The Mall Athens, which remains the biggest to this day. Market sources estimate the construction cost of the project at between 500 and 550 million euros, while it is believed that it will take about two and a half to three years to complete.
The Ellinikon Mall will be a shopping center with a gross leasable area of 100,000 sq.m., hosting over 350 shops and restaurants. In fact, by the end of October 2024, heads of terms (HoT) had been agreed with tenants for 63.6% of the total gross leasable area (GLA).
It is recalled that the Ellinikon Mall complex will no longer include office uses, as was the original plan, following the decision of Piraeus Bank not to activate the memorandum of understanding it had signed with Lamda Development for the relocation of its new head offices to the specific property.
The Ellinikon Mall and Riviera Galleria will be the two development projects of Lamda Development, which will be financed with bank loans, as residential developments are essentially self-financed, through pre-sales.
The initial target of the group’s management was to raise part of the required funds through a capital increase and the listing of Lamda Malls shares on the Athens Exchange.