Greece's Lamda acquires rights over former Athens airport site

Lamda Development SA

25/06/2021 11:57

ATHENS, June 25 (Reuters) - Lamda Development  LMDr.AT  on
Friday acquired the rights to the site of the former Athens
airport, clearing the way for Greece's largest urban
redevelopment project.
    The HRADF privatisation agency said Lamda paid 300 million
euros ($358 million) as a first tranche in a deal worth 915
million euros, and a deferred payment bond of up to 347 million
euros.  urn:newsml:reuters.com:*:nL5N2NY4EN
    "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.
    The project has faced years of delay due to bureaucratic
hurdles and opposition to the project.
    Redevelopment of the 1,500-acre (600-hectare) Hellenikon
airport site on the Athens coast, where disused runways,
terminals and former Olympic venues have sat abandoned for
almost two decades, will include shopping malls, hotels and
homes under a 99-year lease deal agreed in 2014.
    ($1 = 0.8375 euros)

 (Reporting by Angeliki Koutantou; editing by Jason Neely)
 ((angeliki.koutantou@thomsonreuters.com; +30 2102214608;
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net))