LAMDA Development S.A. (the “Company”) hereby announces that on the 28th of August the Company accepted a binding offer letter from ION Group, a financial services technology company, for the development within The Ellinikon Project of a Global R&D and Innovation Campus co-locating around 2,000 professionals from 44 countries.
The Campus, which will be developed by ION Group, will be across two distinct neighborhoods and cover a total maximum allowed buildable area of approximately 250k sqm, will comprise of at least 50k sqm of office and collaboration spaces, a 1,000-seat auditorium designed for global events and up to 200k sqm of residential developments to accommodate ION Group’s professionals.
The total transaction consideration receivable by LAMDA is €450 million. ION Group’s investment related to the R&D and Innovation Campus is expected to exceed €1.5 billion by the time it is completed, which is expected to be in 2030.
In addition, ION Group will purchase treasury shares representing a 2% equity stake in the Company, reflecting ION Group’s confidence in The Ellinikon.
This strategic partnership launches The Ellinikon Business District, the final component of project’s masterplan while positioning The Ellinikon as a European hub for AI and digitalization.
This new city within a city is establishing its rightful place on the international stage through the strategic agreement between LAMDA Development and the global leader ION Group to create a world-class hub for innovation, research, and technology. This landmark initiative carries significant national importance, fully aligned with Greece’s vision for its future within an evolving global landscape.
This partnership will accelerate the development of the wider Attica region, particularly the Athenian Riviera’s municipalities, while strengthening their appeal as dynamic centers for investment, business, residential living, and commercial activity.
Andrea Pignataro, founder and CEO οf ION Group, stated: “Ellinikon’s scale, infrastructure, and vision match our ambition: to fuse technology, culture, and community into a prototype for the future of work and education – rooted in Greece, open to the world. We envision the campus to be part workplace, part education, and part neighborhood – transforming Athens into a European beacon of technology and creativity”.
Odisseas Athanasiou, CEO of LAMDA Development, stated: “This milestone transaction underscores The Ellinikon’s place as a world-class destination and a leading investment hub, attracting global partnerships and top-tier international investors. It also represents a new model for the cities of the future and a model for enhancing Greece’s reputation on the global stage.”
About ION Group
ION provides mission-critical software, data, and services to leading financial institutions, central banks, governments and global corporations to automate their critical workflows, enhance their decision making and manage liquidity and risks.
About LAMDA Development
LAMDA Development S.A., founded by the Spiro Latsis family, is listed on the Main Market of the Athens Exchange (ATHEX). This premier holding company, in which the Spiro Latsis family interests continue to hold a controlling stake, is engaged in the development, investment and management of real estate assets. The Group holds a leading position in Greece’s large-scale retail entertainment property sector, while also maintaining a strong presence in residential and office developments primarily in Greece and Southeastern Europe. The Group’s diversified investment portfolio includes four major shopping and entertainment centers-The Mall Athens, Golden Hall, Designer Outlet Athens, and Mediterranean Cosmos in Thessaloniki-alongside strategic land holdings and high-profile Marina assets, including Flisvos Marina, Agios Kosmas Marina and the mega-yacht Marina in Corfu. LAMDA Development is currently spearheading The Ellinikon, Europe’s largest urban regeneration project. Located on the site of the former Athens International Airport, The Ellinikon will become a next-generation “smart” city, anchored by Europe’s largest coastal park. The development will integrate modern residences, commercial and leisure hubs, luxury hotels, cultural venues, sports, education, business district and recreation facilities, all designed around the core principles of sustainability and innovation.
Feature Image Courtesy of: ION Group, LAMDA Development
View the original article and our Inspiration here
Leave a Reply