Greek privatization agency awards mall lease to Lamda Development

Greece picked real estate firm Lamda to manage a shopping mall that served as a broadcasting centre during the Athens 2004 Olympics, the country’s privatisation agency said on Friday.

Greece is scrambling to jump start its privatisation agenda to convince its international lenders, the European Union and the International Monetary Fund, it is serious about selling off state assets to help pay down public debt.

The 90-year leasing deal will bring in 81 million euros ($104.2 million) to state coffers, the agency (HRADF) said.

Depending on economic conditions, the government may get an additional 32.4 million euros over 50 years, the agency said without providing further details.

“Fully exploiting (the mall) will commercially upgrade the area and will also rekindle investors’ interest in buying real estate in Athens,» HRADF President Yannis Emiris said in a statement.

Lamda Development shares were up 9.4 percent in late Friday trade on the Athens bourse.


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