WOOD Flash – Lamda Development: closes sale of Ellinikon resi land plots for EUR 106m
Lamda has closed the sale of five Ellinikon land plots for EUR 106m. We see the sale (which was flagged in advance, and which has been closed broadly in line on both timing and price) as positive. The transaction front loads P&L gains (c.EUR 76m, or EUR 0.4/share, a 5% NAV uplift), as well as cash inflows from the Ellinikon (c.EUR 106m, EUR 0.6/share, or c.8% of the company's market cap), and de-risks the project.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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