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.
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
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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.
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