Värde Partners invests in two Greek shopping malls

Värde Partners has reached an agreement with Lamda Development in which Värde will acquire a minority stake in Greek shopping malls Golden Hall and Mediterranean Cosmos Shopping Centers. No financial terms were disclosed.

PRESS RELEASE

ATHENS – Värde Partners, the $12 billion global alternative investment firm, today reached agreement, through a wholly-owned subsidiary, with Lamda Development for a minority share of the newly established subsidiary company Lamda Malls S.A. The result of this transaction is that both companies are owners of Golden Hall and Mediterranean Cosmos Shopping Centers. Värde’s investment will result in it owning a 31.7% stake in Lamda Malls.

This move supports Lamda Development’s core strategy to strengthen its position in the real estate sector and is consistent with Värde’s investment thesis in Greece. Golden Hall and Mediterranean Cosmos are among the finest real estate assets in the country and create a strong base from which to grow the Lamda Malls business.

“Golden Hall and Mediterranean Cosmos have thrived throughout the financial crisis – this is a testament to the strength of these assets and also to the industry leading management team led by Odisseas Athanasiou at Lamda Development. We are excited to begin this partnership and look forward to supporting Lamda Malls for future growth.” said Tony Iannazzo, Managing Director at Värde Partners.

Odisseas Athanasiou, CEO of Lamda Development stated, “[t]his is a milestone for our company as it marks new development prospects through a strategic partnership which leads us to a new era of investments and strengthens our innovative vision. Värde Partners, an internationally recognized firm, through this investment, acknowledges the leading role of Lamda Development in the real estate market in Greece.”

John Richards, former CEO of Hammerson, the retail-focused UK REIT, former President of British Property Federation, and long time Värde advisor will represent Värde on the board of Lamda Malls.

The transaction is subject to bank approvals.

About Värde Partners:
Värde Partners is a $12 billion global alternative investment firm that employs a credit-oriented, value-based approach to investing across a broad array of geographies, segments and asset types, including real estate, corporate credit, mortgages, specialty finance, transportation and infrastructure. The firm sponsors and manages a family of private investment funds with a global investor base that includes foundations and endowments, pension plans, insurance companies, other institutional investors and private clients. Now in its third decade, Värde employs 250 people with main offices in Minneapolis, London and Singapore and additional offices around the world.

About Lamda Development:
Lamda Development S.A., listed on the main market of the Athens Exchange, is a holding company specializing in the development, investment and management of real estate. The company is the leader in the retail real estate sector in Greece with successful diversification in the office and residential sectors. The company’s development portfolio includes: three commercial and leisure centers, The Mall Athens and Golden Hall in Athens and Mediterranean Cosmos in Thessaloniki (total GLA 147,000 square meters), office buildings, innovative residential complexes and Flisvos Marina in Faliro.

In November 2014, LAMDA Development group signed the contract with HRADF for the acquisition of the shares of the “Hellinikon SA”. The investment will transform the plot of the former Hellinikon Airport into the largest privately funded investment ever in Greece. The company has a top reputation as member of the Latsis Group and maintains strategic alliances with international and local players.