ECONOMY

Lamda secures partner for Elliniko tower

Lamda secures partner for Elliniko tower

Lamda Development announced on Monday it has partnered with fund Brook Lane Capital to build a landmark high-rise building, part of an 8-billion-euro revamp of the former airport in Athens.

Lamda has agreed with Brook Lane to spend about €200 million on the building that will include homes, offices and a luxury hotel, it said in a statement.

The construction will be part of a luxury resort that Lamda will develop after it won a tender in 2014 to transform the 1,500-acre site of the former Elliniko airport, where disused runways, terminals and former Olympic venues have sat abandoned for almost two decades.

Lamda will hold a 30% stake and Brook Lane the remaining shares in a company that will be set up for the tower.

A company will then be hired to operate the hotel and the residences, Lamda said.

The Elliniko project, Greece’s biggest urban redevelopment plan, was repeatedly held back by bureaucracy and opposition, and it was only last summer that Lamda acquired the rights to start work on the beachfront scheme about three times the size of Monaco. [Reuters]