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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.

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