Investment firm Värde Partners is selling its 31.7% stake in a shopping mall company in Greece to majority owner Lamda Development for €109m.
Värde Partners said it has agreed to sell its stake in Lamda Malls, a company which owns the Golden Hall in Athens and Mediterranean Cosmos in Thessaloniki.
Golden Hall is the second largest shopping centre 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.
Värde Partners, which initially bought its stake in 2017 for €61.3m, said it had 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.
Tony Iannazzo, senior managing director at Värde Partners, said: “Over the last five years we have worked closely with Lamda Development to successfully unlock value and help the assets realize their potential.
“Despite the significant challenges shopping centres faced during the Covid pandemic the centres have continued to perform well, reflecting their enduring strength as prime shopping destinations.”
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