Greek real estate company Lamda Development announced on Wednesday that its board of directors will call an extraordinary general meeting to agree on a share capital increase of up to 650 million euros.
In its announcement, Lamda Development also said the company held talks with its partners of Global Investment Group over the last few months but did not reach an agreement.
"Therefore, Lamda Development undertakes 100 percent of the visionary Elliniko Project. Strategic partnerships in relation to the shareholder structure or individual developments will be announced in the future as part of the ongoing strategy of the company and the international scale of the project," it said.
The company said it is ready to start work on the largest urban development project in Europe, which will have significant impact in the Greek economy, entrepreneurship and local communities.
The project will create, among others, thousands of new job opportunities, one of the largest parks in the world, landmark buildings, and become a world-class destination, with multiple benefits for the country and its citizens.