Lamda Development | Hellinikon unfolds
In our new note on Lamda Development we shed light on Hellinikon, following significant progress on pending issues relating to the development, which increased visibility as to the structure of Lamda’s involvement in the project and the associated value accretion.Under our assumptions, Lamda’s total gain from Hellinikon developments over the 25-year horizon is valued at €3.3bn, which when brought to present at a 12% discount rate (reflective of the high implementation risks associated with urban development projects and the rather long-term horizon), implies value accretion of €654mn in present value terms. Building up from an estimated 2020e NAV of €667mn for Lamda’s existing asset base, we estimate the company’s post-money fair value, including value accretion from Hellinikon, at €1,970mn.
Lamda Development is a real estate development group based in Greece. Co.'s main activities comprise investment, development and maintenance of innovative real estate projects. Co. operates in Greece, as well as in other neighboring Balkan countries mainly Romania, Bulgaria, Serbia, Montenegro. Co.'s operations are organized along two business segments: Real Estate; and Marine Services. Co. is a subsidiary of Lamda Holdings.
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