Lamda Development Sells 10%

July 3, 2014
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Greek real estate developer Lamda Development sold 10% of its shares to private equity group Blackstone, for 20.2 million euros.

The real estate company confirmed that seven Blackstone-GSO Capital Partners investment funds acquired 4.44 million euros of voting shares, priced at 4.55 euros each. This marked a 3.8% deduction, compared to yesterday's closing stock price of 4.73 euros.

In March, Greece's privatization firm chose Lambda to create a major seaside development at the old Hellenikon Athens airport in Ellinko. The project was funded by China's Fosun and Abu Dhabi's Al Maabar; it holds a 7 billion euro budget. It is considered one of Europe's most progressive real estate structures, that is predicted to alleviate Greece's financial burdens.

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