Get the app today! Download iPhone App Download Android App

SUBSCRIBE

Greece's Lamda Development Acquires Rights To Site Of Former Airport In Athens

Published on Jun 29 2021 12:03 PM in General Industry tagged: Athens / Lamda Development

Greece's Lamda Development Acquires Rights To Site Of Former Airport In Athens

Greece's Lamda Development has acquired the rights to the site of a former airport in Athens, clearing the way for Greece's largest urban redevelopment project.

Deal Price

The HRADF privatisation agency said that Lamda paid €300 million as a first tranche in a deal worth €915 million, and a deferred payment bond of up to €347 million.

HRADF Executive Director Statement

"Today's signing seals the implementation of a landmark investment for the country’s development perspective, which amounts to 8 billion euros and creates the prospect of thousands of new jobs with multiplier economic benefits for the Greek state", HRADF executive director Panagiotis Stampoulidis said in a statement.

Years Of Delay

The project has faced years of delay due to bureaucratic hurdles and opposition to the project.

Hotels, Shopping Malls And Homes

Redevelopment of the 1,500-acre (600-hectare) Hellinikon airport site on the Athens coast, where disused runways, terminals and former Olympic venues have sat abandoned for almost two decades, will include hotels shopping malls, and homes under a 99-year lease deal agreed in 2014.

News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.

Share on Facebook Share on Twitter Share on LinkedIn Share via Email