LAMDA Development S.A. has announced the sale on 29/12/2005 of the industrial real estate property (storage spaces) held since 2001 in Krioneri area, Attica, for a total price of €2,3 million and the transfer on 29/12/2005 of the total percentage 51% of the share capital, that its subsidiary company LAMDA Estate Development held since 2001 in GI & KATASKEVI company.
Krioneri real estate property
The buyer company is Notos Com Holding A.E.B.E., which was the tenant of the property. This sale will improve of Company's financial results by the sum of 350,000.
Both above-mentioned disposals are within the general frame of the Company's strategy for rationalization of the real properties portfolio and focusing of its activities in the development and management of large-scale investments, especially in commercial real estate property.
Sale of share at GI & KATASKEVI company
GI & KATASKEVI company was the developer of the residential holiday complex at Xylokastro area, Korinth, where apartment sales reached 55% of the total available units from the commencement of the development till the end of 2005. The buyer of the shares sold for a total price of 1,224,000 is the family of the minority shareholders. The sale of these shares will not affect Group's financial results.
Source: LAMDA Development