Lamda tables 7-bln-euro plan for Elliniko

By Vangelis Mandravelis

As expected, Lamda Development was the only party to submit a bid to develop the old airport plot at Elliniko in southern Athens on Thursday, according to an announcement by state privatization fund TAIPED.

The fund’s governing board will meet soon to decide on the validity of the offer and whether all necessary documents have been submitted. In the case that TAIPED accepts the bid as valid, the binding bid will be opened, given that its financial side remains sealed. The assessment process will take about two weeks.

The government issued the required cabinet decree just a few hours before the offer was submitted. The decree contains the state’s pledge to implement the development project at Elliniko.

Following the tabling of the bid, Lamda briefed the stock market on the stakeholders of the investment group seeking to develop the 6.2 square kilometers at the Elliniko plot. According to the announcement, the bid is supported by Abu Dhabi-based company Al Maabar, China’s Fosun Group as well as unnamed European funds.

Lamda Chief Executive Odysseas Athanasiou described the day of the bid’s submission as “a very important day for the company and for Greece, as some of the world’s biggest investment funds have decided to invest in our country, putting their confidence in Greece’s prospects into practice.” He added that the total investment proposal submitted will exceed 7 billion euros.