Lamda bites the bullet, sells in Serbia to focus on Greece

Lamda bites the bullet, sells in Serbia

Lamda Development has sold its “Kalemegdan” land plot in Belgrade, well below its book value, to concentrate operations on Greece, it said Wednesday.

Lamda is leading a consortium of investors to build the delayed Hellenikon project , one of Europe's biggest urban development projects.

The company said that it sold the asset in Belgrade for 25 million euros versus a book value of 40.4 million euros. It also owns two thirds of another land plot in Belgrade that cost 51 million euros and real estate in Bucharest and Montenegro.

“Lamda Development is concentrating on its activities in the Greek market, with a focus on the company’s further growth in the area of ​​shopping centers and, in general, on retail real estate assets, as well as on the very significant project of the redevelopment of the Hellinikon,” it said in a statement.