Hellinikon Project - A New Era For Greece

The Hellenic Republic Asset Development Fund (TAIPED) has unanimously announced Lamda Development as the preferred bidder for the Hellinikon real estate development project. The announcement was preceded by the submission of fairness opinions by TAIPED's financial advisers Citigroup and Piraeus Bank that found the final bid of 915 million euros just and reasonable. Lamda Development and the investment consortium supporting it are expected to invest more than 7 billion euros in the mammoth development project.

Lamda Development's announcement points out the conclusion of a 27 month old process which ended today with the TAIPED decision: "Today's decision offers a final conclusion to 13 years of abandonment of the 6.200 acres of the former Hellenikon airport. In its place, the largest private investment in the country will take place with an estimated cost of 7 billion euros. Its aim is the creation of a progressive metropolitan development, combining the beauty of the surrounding area with emblematic buildings and innovative infrastructure and services".

The announcement also mentions that the most indicative part of the investment's philosophy is the creation of a 2 million square meters park, one of the largest in the world, with free entrance for all, along with the upgrade of the coastal area, also free for the public.

Lamda Development CEO, Odysseas Athanasiou, stated that the creation of a new world destination will redefine Athens as a tourist attraction and an international business and entertainment center. "Lamda Development S.A. and Global Investment Group, no longer under a confidentiality clause, will be presenting the project analytically to local societies and the social partners, so that its design and implementation can highlight the benefits and satisfy national priorities linked with its creation", he added.