Lamda ups its bid for Elliniko

By Vangelis Mandravelis

The government is just one step away from selling the company that will develop and operate the old Athens airport site at Elliniko, as Lamda Development tabled on Wednesday an improved offer of 915 million euros in nominal value for Elliniko SA to state privatization fund TAIPED.

The price offered in this second bid by the Greek company is 25 percent higher than the original offer and, according to sources, 5 percent below the minimum price suggested by TAIPED’s independent consultant.

An effort was made at the fund’s board meeting to convince Lamda to raise its offer to 1 billion euros, but to no avail.

The 915 million in nominal value translates to 577 million in present value, with 33 percent of the amount to be paid upon the signing of the agreement and the rest in installments over the next 10 years.

The investor is also committed to investing a total of 1.25 billion euros in the next decade for the development of the metropolitan park of Elliniko and its infrastructures.