EBRD to invest in Lamda’s green bond in Greece

By Olga Aristeidou

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EBRD supports flagship Hellinikon project in Greece

© Lamda Development

  • EBRD to invest €20 million in a €230 million green bond issue by Lamda Development
  • Green bond to back the company’s investment in sustainability and climate resilience
  • EBRD to support flagship The Ellinikon project through an innovative green finance instrument

The European Bank for Reconstruction and Development (EBRD) has successfully participated in a green bond issued by Lamda Development in Greece, investing €20 million in the total €230 million offering.

Lamda is the largest Greek real-estate developer and owner of The Ellinikon, the largest urban regeneration project in Greece and one of the largest in Europe, which aims to transform the former Athens International Airport in the area of Ellinikon into a sustainable and fully integrated commercial, residential and hospitality area open to the public.

The proceeds of the bond issue will fund sustainability elements of The Ellinikon, including green buildings and infrastructure, green energy and smart-city technologies.

Lamda will invest the EBRD’s proceeds in financing green-certified assets, achieving at least Leadership in Energy and Environmental Design (LEED) “Gold” or BREEAM “Very Good” certification.

The green bond is listed on the Athens Stock Exchange (ΑΤΗΕΧ) and aligned with the International Capital Market Association’s Green Bond Principles. The issuance, taking place in the current market environment, shows the debt capital market’s resilience and contributes to its development and long-term financial viability, promoting environmental aspirations through a dedicated green finance instrument that strengthens corporate climate governance.

Vlaho Kojakovic, EBRD Head of Property and Tourism, said: “We are delighted to contribute to Lamda’s path towards a low-carbon trajectory and the realisation of an investment plan focused on sustainability and climate resilience, through a tailored capital markets tool. The Ellinikon is a flagship project for the sector’s transition to a high-specification, smart and sustainable building and infrastructure landscape, offering a versatile land-use mix and having significant economic, societal and environmental implications for a much wider area.

Odisseas Athanasiou, CEO of Lamda Development, said: “We are very pleased with the EBRD’s participation in our first ever green Greek listed bond. This transaction further cements our relationship with the EBRD, which we consider a strong partner in our journey to make The Ellinikon a benchmark project for sustainability and smart living. The great reception of this bond by our investors is testament to the trust and confidence in our commitment to provide all of society, in a responsible way, with the highest standards of living in an urban environment.”

In 2019, the Bank invested €22.7 million in Lamda’s equity issuance to support the development of The Ellinikon.

To date, the EBRD has invested more than €5.8 billion in 91 projects in the corporate, financial, energy and infrastructure sectors of the Greek economy.

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