Lamda secures partner for landmark tower in former Athens airport revamp

Lamda Development SA

31/01/2022 08:36

ATHENS, Jan 31 (Reuters) - Greek developer Lamda  LMDr.AT 
has partnered with fund Brook Lane Capital to build a landmark
high-rise building, part of an 8 billion euro ($8.9 billion)
revamp of the former airport in Athens, it said on Monday.
    Lamda has agreed with Brook Lane to spend about 200 million
euros on the building that will include homes, offices and a
luxury hotel, it said in a statement.
    The construction will be part of a luxury resort that Lamda
will develop after it won a tender in 2014 to transform the
1,500-acre (600-hectare) site of the former Hellenikon airport,
where disused runways, terminals and former Olympic venues have
sat abandoned for almost two decades.  urn:newsml:reuters.com:*:nL8N2RZ22B
    Lamda will hold a 30% stake and Brook Lane the remaining
shares in a company that will be set up for the tower. A company
will then be hired to operate the hotel and the residences,
Lamda said.
    The Hellenikon project, Greece's biggest urban redevelopment
plan, was repeatedly held back by bureaucracy and opposition,
and it was only last summer that Lamda acquired the rights to
start work on the beachfront scheme about three times the size
of Monaco.
    The sprawling site will also house a retail park, an
entertainment hub and a cluster of beach villages, with parks,
lakes, gardens and open spaces for public activities.
    ($1 = 0.8957 euros)

 (Reporting by Angeliki Koutantou
Editing by Mark Potter)
 ((angeliki.koutantou@thomsonreuters.com; +30 2102214608;
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net))