Mr Apostolos Tamvakakis, Chairman and C.E.O. of LAMDA Development, after undertaking the responsibility for the strategy and business development of Latsis Group, at the Head Office of the Group in Geneva, leaves his current positions in LAMDA Development, remaining at the Board of Directors of the company as Non-executive Vice Chairman.
Mr George Papageorgiou and Mr Odisseas Athanasiou undertake the positions of Chairman and C.E.O of the company respectively. Mr Odisseas Athanasiou will be proposed as Executive Member of the Board of Directors and Managing Director at the next Annual General Assembly.
In particular, Mr George Papageorgiou as the new Chairman will be responsible for the divisions of Development, Construction, Commercialisation and Legal, whereas Mr Odisseas Athanasiou, as the new CEO, will be responsible for the divisions of Finance, Treasury and Investor Relations, Asset Management, Marketing, Administration and Human Resources.
Following these managerial changes the new LAMDA Development Board of Directors is now composed as follows:
Chairman of the Board: George Papageorgiou Executive member
Vice - Chairman: Apostolos Tamvakakis Non-executive member
Member of the Board : Evangelos Chronis Non-executive member
Member of the Board: Fotios Antonatos Non-executive member
Member of the Board : Emmanuel Leonard Bussetil Non-executive member
Member of the Board : Peter Kalantzis Non-executive member
Member of the Board : Dimitrios Papalexopoulos Independent non-executive member
Member of the Board: Spyridon Theodoropoulos Independent non-executive member
Member of the Board: George Gerardos Independent non-executive member
Member of the Board: Achilles Constantakopoulos Independent non-executive member
The LAMDA Development group of companies has undoubtedly been established as the leader in the development and management of commercial and leisure centres in Greece, having under its management 144.000 sq.m. of leased premises.
The successful business of LAMDA Development does not focus only on the field of shopping centres, but also expands into office buildings (22.000 sq.m), residential complexes and marinas. The company performance led to the increase of Net Asset Value (NAV) by 262% from the end of 2004 (euro 177 million) to September 2008 (euro 463 million). Further improvement of the Net Asset Value is expected with the beginning of operations of Golden Hall and this will be reflected in the annual financial statements of 2008.
Taking into account the present adverse economic conditions, it should be noted the low level of Loan to Value ratio (46%) and the strength of the company's liquidity which is 255m euros. Strategically, LAMDA Development will continue to focus in the continuous improvement of recurring EBIDTA and NAV in addition to pursuing, strategic partnerships with both international and Greek companies.