The urban regeneration project underway in Εllinikon is making continued progress in both infrastructure and buildings, LAMDA Development announced on Monday, in a financial update of the 2024 results. Work is already underway in 14 different projects in ollaboration with 12 different developers, while work has now begun on all the residences that have been put up for sale.
As announced, during the year 2024, capital expenditures (CAPEX) for buildings and infrastructure projects amounting to 248 million euros were made, with the amount of total capital expenditures from the start of the project until 31.12.2024 now standing at 564 million euros.
The most important achievements to date regarding the Εllinikon project, according to data from LAMDA Development, are the following:
Firstly, EBITDA profits before valuations increased by 50% compared to 2023 to 97.4 million euros. Secondly, total cash receipts from property sales from the start of the project until 28.02.2025 exceeded 1.1 billion euros, with receipts within 2024 amounting to 589 million euros, of which approximately 312 million euros came from residential developments.
In 2024, transactions were completed for the sale of plots of land to third parties for the development of residential, office and educational spaces, as well as a retail park, with the total transaction price amounting to 258 million euros, of which approximately 194 million euros were collected in 2024. From these transactions, the estimated total accounting profit before taxes for the LAMDA Development Group amounts to 173 million euros, the majority of which was recognized in the 2024 results while an amount of approximately 30 million euros is expected to be recognized within the first half of 2025. It is noted that deferred revenue from property sales/leases, which will be gradually recognized in the financial results, amounted to 286 million euros on 31.12.2024.
Third, the apartments available for sale in the Little Athens neighborhood continue to record significant commercial success. As of 28.02.2025, 559 apartments were available for sale on the market. Of these, sales and reservations by interested buyers now amount to 453 apartments or 81%.
Fourth, the cash reserves attributable to the Εllinikon project increased by 161 million euros in 2024 and amounted to 292 million euros on 31.12.2024, while for another year, no bank loans were disbursed for the Εllinikon project, despite the existence of an approved credit line from the lending banks in the amount of 232 million euros.
LAMDA Development announced consolidated net results (profits) for 2024 at 46.3 million euros (71% increase compared to previous year)
Shopping centers in  Εllinikon
The company's momentum is being strengthened, as it has announced, with the development of two new, innovative shopping destinations, The Ellinikon Mall and Riviera Galleria.
Already, according to company data, Heads of Terms have been agreed for 63% of the GLA of The Ellinikon Mall, confirming the strong interest of retailers, while 76% of the GLA has been secured for Riviera Galleria. Construction work is in full swing, with The Ellinikon Mall having completed the excavation phase and the contract being put out to tender, while at Riviera Galleria, concreting work has already progressed in all the buildings of the complex.
The Riviera Galleria development secured a bank loan of 185 million euros (including 39 million euros for VAT financing), signed in February 2025, with the participation of Eurobank, Piraeus Bank, Alpha Bank and Attica Bank.