Lamda Development: a shopping center in Athens – a company is run by a locomotive

Lamda Development announced its financial figures in the afternoon of Friday. According to theseconsolidated overall operating results EBITDA group before valuation for the first nine months of 2018 amounted to 37.7 million euros, an increase of 25.2% compared to the first half of 2017 due to the acquisition of 50% of the shopping center TheMallAthens, and on the other hand the continuation of the excellent performance of shopping centers. If the above-mentioned acquisition did not take place, the group's overall operating result before valuation would be increased by 1.9%.

In the first nine months of 2018, the total store business turnover increased by 2.9% over the first nine months of 2017. In addition, the total traffic of shopping centers increased by 2.2 % over the same period, further strengthening the company's leading position in the management and operation of shopping centers. The average occupancy of our shopping centers is close to 100%, with undeniable interest for new leases.

The success of the diversification of the activities of our shopping centers in relation to the supermarket market is confirmed by the preference that the consumer constantly shows. Our partners, the retailers, continually support promotional promotions and communications, while waiting for the benefits of high traffic rates.

The operational profitability of the shopping center TheMallAthens amounted to € 20.7 million, an increase of 4.1%. It is worth mentioning that the store business turnover grew by 1.6%, while the number of visitors increased by 2.0%.

The turnover of the shops in the mall MediterraneanCosmos in Thessaloniki grew by 2.3%, as well as an increase in the number of visitors by 1.0%. Operating profitability stood at 10.7 million euros, down 1.8% solely due to the rise in the annual rent of the Ecumenical Patriarchate, due to the 30-year extension of the concession agreement.

In regards to GoldenLobby, its operating profit for the first nine months of 2018 amounts to 12.7 million euros, a record increase of 7.6%. The total store business turnover increased, registering a significant increase of 5.7%, while the number of visitors increased by 5.6%.

Major events of the 3rd quarter

Last August – after the tedious issuance of the building permit in June – development work on the west wing of the building of the former International Radio and Television Center, in which the GoldenLobby, aiming to complete the investment by the end of 2019. The project budget is 25 million euros, while the plan provides that this investment will complement and strengthen the existing shopping center. GoldenLobby.

With regard to Hellenic's work, as already mentioned, the Presidential Decree approving the Hellenic Integrated Development Plan has been adopted, while the approval of planning studies through Joint Ministerial Decisions and the Granting of a permit through an international tender for the integrated tourism complex – Casino, prerequisites for the acquisition of Hellenic SA and the start of the work.