ECONOMY

TEMES Group adds to Elliniko’s luxury

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The TEMES Group, which belongs to the Konstantakopoulos family, has acquired majority stakes in two companies that are to develop two seafront hotel units and an extensive residential project on the site of the former Athens airport at Elliniko, following an agreement with Elliniko developer Lamda Development announced on Friday.

TEMES will acquire the hotel on the marina and the hotel complex near the luxurious housing development. The latter two projects will be developed by one company while the marina hotel will be developed by another. TEMES will have a 70% stake in both companies, while Lamda will have 30%. The total investment is estimated at 300 million euros.

The hotel and residential complexes will be built by construction companies that the company will select, while a study is beginning to establish the standards the residential development will have for supply to match demand. What still remains to be seen for the seafront is an agreement on who will develop the marina mall and who will undertake the high-rise residential building.

TEMES Board Chairman Achilles V. Constantakopoulos noted on Friday that “it is a pleasure and an honor for us to cooperate with Lamda, the leading property development company, and be part of the biggest development project in our country.”

The project will be completed during the first five-year phase of the investment’s implementation at the former Athens airport. The two five-star hotel units it provides for will be conceded to internationally renowned hotel management companies.

According to Lamda’s planning, the marina will see the development of a commercial zone with upmarket stores and spaces for food service and entertainment. The development of the units will proceed in cooperation with international architecture firms.

Lamda’s chief executive Odisseas Athanasiou stated that “Elliniko is a unique project with a global reach that will constitute the landmark of Greece’s transition into a new era. In this journey of the implementation of our vision for Elliniko that has already started, we wish to cooperate with the best in every sector. We are therefore proud to partner with TEMES, a top company with unique know-how in the development and operation of luxurious tourism, residential and hotel units and destinations.”