Varde Partners sells stake in Lamda Malls for 109 mln euros
Investment firm Värde Partners has agreed to sell its 31.7% stake in Lamda Malls S.A. to the company’s majority shareholder, Lamda Development, for €109 million. Lamda Malls owns two major shopping centers in Greece, the Golden Hall in Athens and Mediterranean Cosmos in Thessaloniki.
Värde Partners initially bought its stake in 2017 for €61.3 million. Since that time, the company has executed a series of value creation initiatives, including securing a long-term extension of Mediterranean Cosmos’ ground lease and completing a substantial redevelopment of Golden Hall’s western wing to add approximately 11,500 square meters of gross leasable area.
“Over the last five years we have worked closely with Lamda Development to successfully unlock value and help the assets realize their potential,” said Tony Iannazzo, Senior Managing Director at Värde Partners. “Despite the significant challenges shopping centers faced during the Covid pandemic the centers have continued to perform well, reflecting their enduring strength as prime shopping destinations.”
Both shopping centers remained close to full occupancy throughout the pandemic, with footfall and retail sales data rebounding strongly after Covid-driven lockdowns.
Golden Hall is the second largest shopping center in Greece, with a gross leasable area of 52,500 square meters, while Mediterranean Cosmos is the third largest with approximately 46,000 square meters.
The transaction is expected to close in the third quarter of 2022 and is subject to customary approvals.