Completion of the transfer of 50% of its participation in the commercial and leisure center The Mall Athens to HSBC LUXEMBOURG SARL

LAMDA DEVELOPMENT S.A.

Completion of the transfer of 50% of its participation in the commercial and leisure center The Mall Athens to HSBC LUXEMBOURG SARL

LAMDA Development announces today 7/11/2006, the completion of the transfer of 50% of its participation in the commercial and leisure center The Mall Athens, which is owned by its subsidiary LAMDA Olympia Village S.A, to HSBC LUXEMBOURG SARL. Specifically, HSBC LUXEMBOURG SARL acquired 13,006,105 shares of LAMDA Olympia Village S.A., which represent 49.239% of the company''s share capital. Regarding the financial elements of the transaction, we refer to the company''s announcement of the 14/7/2006.