Global alternative investment firm Värde Partners has agreed to sell its 31.7% stake in Lamda Malls to the company’s majority shareholder, Lamda Development, for €109 million.
Lamda Malls owns two major shopping centres in Greece, the Golden Hall in Athens and Mediterranean Cosmos in Thessaloniki.
Värde Partners initially bought its stake in 2017 for €61.3 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 of gross leasable area.
