US fund Varde tightens grip on Greek real estate market
US investment fund Varde partners is boosting investments in Greek real estate after having agreed on a 60 million euro deal with Lamda Development, according to a bourse filing issued by the Greek company Monday.
Lamda said that Varde, that already owns a majority stake in Greek real estate company Trastor, will take a 31.7% stake its subsidiary Lamda Malls for 61.3 million euros.
Lamda Malls owns two of Greece's largest shopping malls: Golden Hall in Athens and Mediterranean Cosmos Shopping in Thessaloniki. Lamda Malls' investment portfolio reaches 331 million euros, according to the company.
Varde, that manages $12 billion of assets globally, may be soon pouring more money into Greece.
"Varde...is keen to further support the expansion of the new company through acquisitions and new commercial developments," said Lamda Development.
While Greece's residential property market is seen being stuck in the doldrums for the next few years, deals in the commercial property are seen increasing after last year's growth. Recent data from BNP Paribas showed that real estate investments in Greece more than doubled in 2016 to almost one billion euros following a rush of activity in the last quarter of the year.
Following Varde's deal with Trastor, the real estate arm of Piraeus Bank, last year the US fund is teaming up with another major real estate player in Greece. In addition to owning prime retail property , Lamda has been awarded the development of Greece's former international airport at Hellenikon, one of the country's biggest property developments in decades.