Another property player eyes bourse, Lamda to list Mall
Lamda Development plans to list on the Athens bourse a subsidiary that owns Greece's largest shopping center, along with US investment fund Varde partners.
This follows news that Greek real estate company BriQ has applied to list its shares on the local stock market, reflecting an uptick in confidence in the sector and an ability to draw investors despite the bourse suffering from low liquidity.
On Thursday, Lamda Development said it bought HSBC Property Investments' 50% stake in the Mall Athens for 200 million euros, taking fulling ownership of the asset. The Mall is valued at 381 million euros, according to Lamda.
Chief executive Odisseas Athanassiou said the developer plans to transfer the Mall and two other Greek shopping centres it owns -- Golden Hall (Athens) and Mediterranean Cosmos (Thessaloniki) - to its Lamda Malls subsidiary and then list the company on the Athens stock exchange. Athanassiou gave no time frame on when this would happen.
Lamda Malls is 32 percent owned by Varde Partners.
Despite a number of Greek companies abandoning the Athens bourse due to the country's economic crisis, real estate players have been eyeing the capital market as a way of funding expansion plans. Signs are growing that the sector, that has seen prices drop by some 40% since 2010, is recovering and can draw foreign investors to the hard Athens bourse.
BriQ, a subsidiary of IT group Quest that has currently seven real estate assets in its portfolio, applied in April to list its shares on the Athens stock market, in a rare initial public offering for the market.