Greece: Lamda Development collects USD 724 M for Hellenikon project
Lamda, controlled by the Latsis family, said Tuesday it raised 650 million euros (USD 724 M) via a rights issue to help finance part of a landmark project at Hellenikon, a sprawling site of disused runways, terminals and venues used for the Athens 2004 Olympics.
The equity sale was oversubscribed by 1.1 times with 99% of it covered by investors who exercised their preemptive rights, Lamda said in a bourse filing, Reuters reported.
Lamda expects to spend about 2 billion euros in the first five years of an estimated 25-year construction phase to build two skyscrapers of offices and a hotel, about 800 residences and a park.
Last month Lamda announced it had reached an initial agreement with Eurobank and Piraeus Bank on the basic terms for a loan of up to 880 million euros as it prepares to start the project.
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