Lamda Development is set to initiate the creation of residential properties that will also be available for rent, expanding beyond the property sales model it has established in the market so far.
The first step in this direction was marked by a recent agreement between Lamda Group and Xeris Ventures, which is 80% owned by the Latsis Group and 20% by Lamda. It’s worth noting that the Latsis family is the main shareholder of Lamda, holding a 43.8% stake through Consolidated Lamda Holdings. According to this agreement, Xeris Ventures will develop four complexes with rental residences. Lamda’s aim, through this strategic expansion, is to generate recurring revenue streams, which will flow into its coffers alongside the rental income from the commercial centers The Ellinikon Mall and Riviera Galleria, where it will earn revenue from the stores that will be established there.
Lamda’s goal is to strengthen its presence in the rental housing market.
According to Lamda’s CEO, Odysseas Athanasiou, during the regular general meeting of the group’s shareholders on Thursday, June 27, 2024, Lamda’s participation in Xeris Ventures may increase in the near future, with prospects for providing quality rental spaces. Xeris Ventures acquired the specific properties by investing 225 million euros.
“Studies have already begun for the construction of four new residential complexes. I estimate that their construction could start by the end of 2025, at the latest in early 2026, with the aim of being delivered by the end of 2028 and made available for rent. Currently, there is a high demand for quality rental spaces, especially in the southern suburbs, while the supply is zero. We hope that this will be a successful investment, the results of which we will know in approximately 2 to 3 years from today,” Mr. Athanasiou stated.
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