LAMDA Development announced the main milestones until the publication of the financial results for the first half of 2024 regarding the implementation of the Elliniko project, which is in full swing.

In particular, it announced the following:

• Riviera Tower: The Tower is visible from Poseidonos Avenue. From the main entrance of the tower, the public transport system is now in full swing, the superstructure of the two central elevator/staircase cores up to the 8th floor, while the concreting of the slabs of the 4th floor is progressing.
• The Cove Residences: on plots 5-6, comprising a total of 7 buildings, the load-bearing structure work will be completed in September. On plots 7-8, comprising 14 buildings, foundation concreting works have been completed.
• Park Rise (BIG): the Phase 1 contractor was installed in April 2024. Archaeological excavation and all excavation work has been completed. In addition, construction of the building's foundation has begun.
• Other Little Athens developments: the Promenade Heights and Atrium Gardens/TTrinity Gardens projects have completed excavation, while the Promenade Heights project has also progressed with foundation work. In the Pavilion Terraces project, the required demolition has been completed and excavation work has started.
• Grounding of Avenue. Poseidonos: 83% of excavation and 71% of concreting have been completed.

The developments regarding the sales of the investment portfolio (until the publication of the financial results for the first half of 2024) are the following:

• Sale of plots for residential developments: at the end of July 2024, final contracts and preliminary agreements were signed for the sale of five different plots (near The Ellinikon Mall), with a total maximum permissible building area of approximately 51 km. The total price of the transaction amounts to approximately €106 million, which corresponds to an average price of approximately 2,100 per square meter of buildable area. This price is four times the book value. The group's cash position has improved as a result of the receipt of approximately €32 million of the total transaction price in July and an additional €86 million expected by the end of 2024. LAMDA Development Group is expected, after the completion of all individual transactions, to recognize a pre-tax accounting profit of approximately €76 million, which corresponds to 5.4% of Net Asset Value (NAV) as of 30 June 2024.
• Sale of property for the Mixed-Use Tower development: the transaction was completed in March 2024, with the total consideration amounting to approximately €39 million, while the first installment of approximately €13 million was received. The entire proceeds (€39 million) were recognized in the financial results for the first half of 2024.
• Total proceeds from property sales in the Elliniko Project, as reported by LAMDA Development CEO Odysseas Athanasiou, are approaching €800 million from the start of the project until the end of August 2024, while by the end of the year we estimate that total proceeds will exceed EUR 900 million. Proceeds from the recent land sales are expected to further strengthen cash and shore up the Group's balance sheet

The results announced show that the Hellenikon project continues to achieve operating profitability, which was achieved, as announced, for the first time in December 2023, just 2.5 years after the project's start.