News
December 17, 2019

Milbank Advises Lamda Development on €650M Rights Issue in Connection with €8B Hellinikon Project

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Milbank LLP acted as international counsel to Lamda Development S.A. (“Lamda”) in connection with its €650 million pre-emptive capital increase. The proceeds of the offering will be used for the development of the former Athens airport site (the “Hellinikon Project”) purchased from the Hellenic Republic Asset Development Fund. The Hellinikon Project is one of the largest urban development projects in Europe comprised of a €8 billion investment plan over the next several years, comprising of hotels, an integrated casino resort, villas, a marina, offices, malls, residential properties, promenades and parks. The site of the Hellinikon Project is three times the size of the Principality of Monaco.

Lamda is a listed company on the Athens Stock Exchange and is the leading development, investment and management of real estate company in Greece.  Its standing flagship assets includes The Mall (Athens), Mediterranean Cosmos (Thessaloniki) and the Flisvos Marina (Athens).  Following the pre-emptive capital increase, Lamda’s net asset value is expected to exceed €1.1 billion.

The Milbank team was led by European Leveraged Finance/Capital Markets partner Apostolos Gkoutzinis, special counsel Ana Grbec and associate Ignacio Perez Bessio. The team also included New York tax partner Eschi Rahimi-Laridjani and associate Archan Hazra, New York Alternative Investments Practice partner Catherine Leef Martin and ERISA partner Joel Krasnow.