Friday May 22, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Suitor for Greece's biggest property sale threatens to pull out

One of the few suitors for Greece's biggest real estate project at the former international airport of Hellenikon threatened on Wednesday to pull out of the race, leaving only two contenders in the sale that has dragged on for about three years.

Just a day before a deadline for binding bids, Elbit Cochin Island, a unit of Israeli holding company Elbit Imaging, said it would not bid for the project unless Athens improved the terms of the deal.

"Regrettably, we cannot submit an offer unless certain essential clarifications are given and improvements made to the share purchase agreement, an Elbit Cochin Island spokesman told Reuters.

Ownership rights and property taxation were also among the regulatory issues that Elbit Cochin wanted more clarity on, the spokesman said, adding the investor was still interested in the project.

Greece's privatisation agency HRADF, which is managing the sale, declined to comment.

Along with Elbit Cochin, Greek Lamda Development, UK-based London and Regional Properties and Qatari Diar, submitted last year non-binding bids for the 99-year lease and development of the 620-hectare site near central Athens.

But Qatari Diar, the property arm of Qatar's sovereign wealth fund, has already dropped out of the race.

Athens has not disclosed what revenues it expects to raise from Hellenikon, located at Athens' southern coast but it is seen as a key deal to help the country meet a 3.6 billion euro ($4.9 billion) privatisation target this year, under the terms of its international bailout.

Government officials have said it could attract more than 5 billion euros in investments and create thousands of jobs in the country, where unemployment has hit a record of 28 percent.

Greece has repeatedly missed privatisation targets. It has raised a total of 2.6 billion euros, far below the 22 billion targeted in its first EU/IMF bailout in 2010.

Hellenikon includes several abandoned Olympic venues built for the 2004 Games and a marina. Investors were first invited to express interest in 2011 but it took more than two years to settle zone planning issues and remove legal hurdles raised by opponents and local communities.

"The development of Hellenikon is a big opportunity for our country. An unexploited site, full of derelicts, will be turned into a new city, Deputy Development Minister Notis Mitarachi told reporters this week.

[Reuters]

ekathimerini.com , Wednesday February 26, 2014 (15:47)  
Car sales drop a gear on VAT rate uncertainty
Bulk of loan requests comes from food service
Greek yields climb after Riga summit
Georgios Michelis said to be next HFSF chief
Deal no closer following PMs meetings in Riga
Athens believes that Greece could still clinch an agreement with its lenders but probably at the start of June, rather than by the end of this month as it had previously hoped, following the...
Greece to back NATO-led campaign against ISIS, Kammenos says
Greece will join the United States and other NATO members in efforts to defeat militants of Islamic State (ISIS), an issue which is expected to be discussed in the summit of the transatlanti...
Inside News
SOCCER
Greece escapes soccer suspension, FIFA happy with changes
FIFA says it is satisfied with changes made to sporting law in Greece, and has dropped a threat to suspend the country from international competition. In a letter to the government dated May...
SOCCER
Four-goal Panathinaikos thrashes Asteras away
Panathinaikos thrashed Asteras at Tripoli to gain an early advantage in the race for a spot in next seasons Champions League qualifiers, as the Super League play-offs got under way on Wedne...
Inside Sports
EDITORIAL
Consensus is key
The education bill that has been put forward by Greeces leftist-led government has to be the subject of extensive public consultation. Even more importantly, it needs to be approved in Parl...
COMMENTARY
The other inequality: how the state spends our money
Growing inequality between rich and poor across the world has rightly become the focus of much investigation and analysis. The Organization for Economic Cooperation and Development underline...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Deal no closer following PMs meetings in Riga
2. Greece to back NATO-led campaign against ISIS, Kammenos says
3. SYRIZA, ND waver over agreement
4. Nearly 800 irregular migrants detained as EU mulls refugee relocation plan
5. Car sales drop a gear on VAT rate uncertainty
6. Bulk of loan requests comes from food service
more news
Today
This Week
1. Merkel stamps out brief optimism on Greece after Tsipras talks
2. Lessons from Israels tech miracle
3. Tsipras to meet Juncker on second day of Riga summit
4. EOPYY struggles for funding, sees overdue debt rise
5. Civil aviation staff to hold walkout on holiday weekend
6. Banks will be asked to revise their restructuring plans
Today
This Week
1. The Greek-German breakthrough that didnt come
2. Phony dilemma
3. Greece came close to not paying IMF
4. Conspiracy madness
5. National self-awareness put to the test
6. Albanian demarche raises concerns about possible territorial claims over Greece
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.