Greece's Lamda Development has bought out Värde Partners minority share in Lamda Malls, to fully take over the shopping centre owner, which has two malls in the country.
Lamda Development was already majority shareholder of Lamda Malls, having sold a minority share to Värde Partners in 2017 for €61.3 mln.
The two firms subsequently executed a series of value creation initiatives across Lamda Malls' two assets, the Golden Hall in Athens and Mediterranean Cosmos in Thessaloniki.
Interventions included 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 m2 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,' Iannazzo added.
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 m2, while Mediterranean Cosmos is the third largest with approximately 46,000 m2.
The transaction is expected to close in the third quarter of 2022 and is subject to customary approvals.