Värde Partners has agreed to sell its 31.7 percent stake in Lamda Malls S.A. to the company’s majority shareholder, Lamda Development, for €109 million ($116 million).
Lamda Malls owns two major shopping centers in Greece — the Golden Hall in Athens and Mediterranean Cosmos in Thessaloniki.
Värde Partners initially bought its stake in 2017 for €61.3 million ($65.39 million). Since that time, the company has 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 to add approximately 11,500 square meters (123,785 square feet) 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
