The leadership transition at LAMDA Development marks the beginning of a new era for the group — and above all for Hellinikon, the largest urban regeneration project in Greece. After 17 years at the helm, Odysseas Athanassiou will step down at the end of 2026, handing over to Evi Kostaki a company that is significantly larger in scale, broader in scope, and overseeing an investment that has moved beyond the permitting and negotiation phase into full-scale construction.
Read also: LAMDA Development announces leadership change at CEO position
LAMDA Development: A leadership handover during the most demanding phase
The incoming CEO, who officially takes over on 1 January 2027, is stepping into what may be the most demanding chapter of the project. Home deliveries are beginning, core infrastructure is advancing, and the next development phase — encompassing approximately 7,000 residential units and a significant portion of the Metropolitan Park — is being prepared.
Odysseas Athanassiou’s legacy is best reflected in the transformation of LAMDA’s scale and focus. When he took the helm, the Greek economy was entering its deepest crisis, and the company had total assets of around €400 million and a market capitalisation of just €100 million. Today, according to figures he presented himself, total assets have reached €1.5 billion — and when land values are factored in, the company’s overall worth has grown sixfold.
Over that period, the group’s shopping centres evolved into a steady operational pillar, its marinas gained greater portfolio weight, and the company raised more than €2.5 billion from capital markets. The biggest bet of all, however, was Hellinikon. Long trapped in negotiations and regulatory hurdles, the project finally secured a funding base, attracted investors, and moved into implementation.
Athanassiou himself considers his greatest contribution to be the transformation of a plan on paper into an active construction project. He acknowledged, however, that early forecasts proved overly optimistic, with delays and rising construction costs affecting progress. The new leadership will need to address these gaps and establish a more realistic long-term plan.
Fewer open fronts
Before his departure, Odysseas Athanassiou is nonetheless seeking to resolve some of the most significant outstanding issues from the first phase, aiming to hand over as few open fronts as possible to his successor. At the top of the agenda is an agreement with Andrea Pignataro’s ION Group for a €500 million investment to develop a research and development centre.
Negotiations have intensified since August, and the outgoing CEO believes there is a strong likelihood the deal could be finalised before Christmas. This particular investment could give Hellinikon a stronger business and technology profile, while the possibility of constructing an additional skyscraper as part of the deal also remains on the table.
The coastal front remains complex, with ongoing discussions involving shipowner Giorgos Prokopiou, Achilleas Konstantakopoulos, and the municipalities of Alimos, Glyfada, and Hellinikon-Argyroupoli. Central to these talks is ENSOFI’s hotel development at Agios Kosmas Marina, with reports suggesting that Giorgos Prokopiou has raised objections regarding the scale of a planned unit.
Regardless of whether these outstanding matters are resolved before year’s end, Evi Kostaki is inheriting a project that is entering a fundamentally different phase. The gradual move-in of the first residents and the delivery of new residential complexes are creating heightened demands for coordinating construction with operational infrastructure. The completion of roads, utility networks, shared spaces, and service facilities will need to keep pace with residential progress — all during a period when large sections of the site will still be active construction zones.
What the appointment signals
The appointment of Evi Kostaki signals the assumption of leadership by an executive with an extensive international background in finance. From July 2022 to August 2026, she served as a member of the Executive Board and Chief Financial Officer of Swiss bank Julius Baer, having joined the institution in 2013. Prior to that role, she held positions in corporate strategy, investment management, and alternative products, and served as Deputy CFO from 2020 to 2022.
Before her time in Switzerland, she worked at the National Bank of Greece, Morgan Stanley Asset Management, and Merrill Lynch Investment Managers. She serves on the Board of Directors of Titan America and its Audit and Risk Committee, and has previously held board positions at organisations in Switzerland, Ireland, and Mexico. She holds a degree from the London School of Economics, a Master’s in Public Policy from the University of Chicago, and the Chartered Financial Analyst designation.
The new CEO will also bear responsibility for the group’s broader operations. Shopping centres continue to represent a core source of recurring revenue, while marinas remain a significant area of growth. Maintaining the performance of these business lines alongside the increased demands of Hellinikon will be a central pillar of the group’s financial strategy in the period ahead.
Originally published in MoneyPro by Parapolitika
