Orilina, Lamda Development jointly acquire property in Thessaloniki
Orilina Properties REIC, together with Lamda Development, has acquired a portfolio of
plots in Thessaloniki, through the acquisition of the company “LIMAR S.A.”. The plots,
featuring a cumulative surface of 72,121sqm, are ideally located next to the
“Mediterranean Cosmos” shopping center.
Orilina holds an 80% stake in the newly established Joint Venture with Lamda
Development. Capitalizing on the existing shopping center’s strength as well as the
City’s prospects, a high-quality building of 12,300sqm (above ground area) shall be
erected by the Joint Venture on the portfolio’s core land parcel. This is a great
visibility and accessibility parcel of 61,415sqm total area.
The remaining plots of the portfolio will be developed exclusively by Orilina, thus
modernizing and enhancing the wider area’s buildings stock.
The total investment consideration of this highly promising endeavor is expected at
€25mln, resulting in a clear and direct benefit to Northern Greece's local economy.