Loss of anchor tenant, strikes put Lamda in the red
The loss of an anchor tenant and public transport strikes contributed to a losses reported by Lamda Development in the first half of the year, the company said Wednesday.
Lamda Development, Greece's largest operator of shopping malls, reported an 11 million euro loss for the first six months of the year versus a 1.4 million euro profit in the same period a year earlier.
"During first semester 2017, the combined effect of the prolonged adverse economic conditions, the extreme weather conditions and prolonged public strikes on public means of transportation during the first quarter of 2017, as well as the cease of the operations of an important anchor tenant occupying many shops, have temporarily affected the main retail indicators," the company said in a statement.
The average occupancy of its shopping centers approaches 98% with commercial interest for retail spaces continuing vibrant, added the company.
Lamda, which has taken on the development of the old Athens international airport, struck up a 60 million euro deal with US investment fund Varde Partners earlier this year. Varde will
will take a 31.7% stake in a subsidiary of Lamda Development that owns Greece's two largest shopping malls: Golden Hall in Athens and Mediterranean Cosmos Shopping in Thessaloniki.