Lamda Development — Ellinikon construction happening at pace

LAMDA Development is the largest mall owner and operator in Greece and is currently developing The Ellinikon, Europe’s biggest urban regeneration project. LAMDA’s core mall portfolio will expand to six developments, plus two existing yacht marinas with a third marina expected to be operational in 2028–29. The cash flows from the core operations support the development of the ambitious Ellinikon project, which aims to become a value-creating ‘city within a city’ by 2037 as LAMDA builds out the two development phases. We value the existing mall and marina operations plus Phase 1 at c €12.30 per share. In addition, investors can take further comfort in the potential value of the post-Phase 1 (PP1) developments, which we have valued at €9.30 per share.