BUSINESS

Tender for Elliniko to stick to plan

By Vangelis Mandravelis

The tender for the privatization of the plot of the old Athens airport at Elliniko will probably take place as planned on Thursday.

Officials at the state sell-off fund (TAIPED) said on Wednesday the process had not changed until late in the night, with the deadline for the submission of binding offers set for Thursday afternoon.

TAIPED officials remained somewhat reserved, though, as they are still waiting for the Cabinet Act that would commit the Greek state to implement the investment at Elliniko. Without that act, market observers say that it will be very difficult for any interested party to submit an offer.

Each bidder has to attach to his offer a letter of guarantee of sizeable proportions for the realization of the project; therefore without the written pledge of the state for the implementation of the project no one will table a bid.

The fund expects just one offer for the development of the plot in southern Athens, that will likely come from Lamda Development, after the departure of Israeli company Elbit and the demand for a four-month extension submitted by London & Regional Properties.

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