Lamda Development has decided to move on to the completion of the financial transaction with the state asset utilization fund (TAIPED) for the acquisition of 100% of Elliniko SA, the company that will develop the plot of the old Athens airport site.
The Athens-listed construction company resorted to this decision for two reasons, aside from the fact that some of its terms have not yet been satisfied, most notably those pertaining to the new casino.
The first reason is the strong interest expressed by candidate buyers in Greece and abroad in properties on the coastal plot in southern Attica. The completion of the transaction will allow the contractor to move from the invitation for expressions of interest to the process of written agreements and the collection of deposits for some 1,000 residences it is planning to develop in the first investment period lasting five years.
The second reason is the completion of almost all procedures it was involved in, such as the studies and the selection of partners, as well as the decision for the main works to proceed following many years of waiting due to the delays recorded by the previous government.
Lamda will therefore proceed with the payment of the first tranche of 300 million euros, out of a total of €915 million.