Lamda Development subsidiary purchases McArthurGlen outlet mall for 40mln€

Lamda Development on Friday notified the Athens Stock Exchange (ASE) that its wholly owned subsidiary, LOV S.M.S.A, has acquired the company that owns and operates the McArthurGlen Designer Outlet at Spata, due east of the Greek capital and close to Athens’ international airport. A transaction figure of 40 million euros was disclosed.

LOV purchased the outlet shopping mall from MGE Hellenic Investments S.àr.l, with Lamda Development citing the property’s gross asset value at 109 million euros, based on an independent valuation by CBRE Axies, and published last December 2021.

The transaction figure includes repayment of existing loans granted by the company’s previous partners, a press release added.

McArthurGlen Designer Outlet Athens is billed as a premier designer outlet in Greece with a gross leasable area of roughly 21,200 square meters, and with more than 100 retail units, café and restaurants.

In a statement, ATHEX-listed LAMDA Development Group CEO Odisseas Athanasiou referred to “an important strategic move… the purchase of McArthurGlen Designer Outlet Athens… we further strengthen our leading position in the retail sector, generating significant synergies for the benefit of visitors as well as our business partners.”