BUSINESS

TAIPED confirms Lamda as preferred Elliniko bidder

Greece has picked Lamda Development, backed by Chinese and Arab funds, to develop a prime seaside property at the former Athens airport in Elliniko, the country’s privatization agency TAIPED said on Monday.

Lamda Development, backed by China’s Fosun and Abu Dhabi-based property firm Al Maabar, was the sole bidder for the project.

The group last week improved its initial bid for the 99-year property lease by 25 percent, offering 915 million euros for the sale.

TAIPED officials had told Reuters that the improved offer was satisfactory and would most likely be accepted by the agency’s advisers.

The sale of the 620-hectare property will help Greece meet its privatization targets set by its international lenders, while the project is expected to create about 50,000 jobs directly and indirectly over the next 10 years.

[Reuters]

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