Tuesday September 2, 2014 Search
Weather | Athens
29o C
23o 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)  
New committee formed to assess progress of deregulation in closed-shop professions
Tourism targets rise ever higher
Horse race betting hurdle removed for OPAP
Revised GDP data confirm that Greek growth is near
Trial over 2013 murder of pawn merchant starts in Athens
The trial over the April 2013 murder of a 30-year-old man running a family-owned pawn shop in the suburb of Dafni began on Monday with the four defendants admitting to their role in the deat...
Rain and storms with hail expected in many parts of Greece
Rain and possible storms are expected in many parts of Greece on Tuesday, and particularly in the islands of the Ionian and on mainland Greece, where hailstorms are also likely, the Hellenic...
Inside News
BASKETBALL
Greek hoopsters go top of their group in World Cup
Greece has qualified to the second round of the FIBA World Cup after going top of its group of six through a third win in as many group games in Spain. On Monday it beat Puerto Rico 90-79 in...
SOCCER
Fulham striker Mitroglou set to re-join Olympiakos
Greek champions Olympiakos Piraeus are set to re-sign Kostas Mitroglou on loan from English second tier club Fulham after the striker arrived in Athens for talks on Sunday. An Olympiakos spo...
Inside Sports
COMMENTARY
Politicized archaeology
Let us suppose that archaeologists discover that the tomb uncovered in Amphipolis was not the resting place of Roxana or Nearchos, but of Alexander the Great. Let us assume, that is, that ar...
EDITORIAL
Moderating expectations
Politics is, to a great extent, all about managing expectations, and anyone who raises that bar too high or too fast is at serious risk of disappointing and losing the peoples favor. In a c...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Trial over 2013 murder of pawn merchant starts in Athens
2. New committee formed to assess progress of deregulation in closed-shop professions
3. Rain and storms with hail expected in many parts of Greece
4. Greek hoopsters go top of their group in World Cup
5. Tourism targets rise ever higher
6. Horse race betting hurdle removed for OPAP
more news
Today
This Week
1. Politicized archaeology
2. Rain and storms with hail expected in many parts of Greece
3. Moderating expectations
4. New committee formed to assess progress of deregulation in closed-shop professions
5. Trial over 2013 murder of pawn merchant starts in Athens
6. Excavation work at Amphipolis reveals section of marble mosaic floor
Today
This Week
1. Thessaloniki mayor Boutaris sworn in wearing yellow star amid Golden Dawn protests
2. The battle against progress
3. Attack on gay couple in Athens leaves one man needing surgery
4. Strong undersea quake occurs off island of Milos, felt in Athens
5. Greek quest for debt relief faces hurdles in Paris
6. Hardouvelis, ECB executive discuss bank program, stress tests
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.