ECONOMY

Lamda Developments to sign 40-year lease for Olympic IBC

Olympic Properties SA and Lamda Development today are due to sign a leasing agreement for the biggest part of the International Broadcast Center (IBC) in Maroussi. The agreement is expected to last 40 years, with an option for another six years. Lamda, which intends to develop a shopping center, paying 7.25 million euros for the first year with increments of 2 percent annually until 2020, was among three suitors who submitted binding bids. The lease is for 53,800 square meters, with the remaining 14,900 square meters becoming a Greek Olympic Games Museum and an International Athletics Museum.