Hellenikon Airport Redevelopment Receives Approvals

[  Athens, Greece  ]

Archaeologists working for the government (via an advisory body, the Central Archaeological Council) have provided approval to proceed with redevelopment of the defunct Hellenikon Airport site.   Some 74 acres of the site have been identified as of archaeological interest.

The project has faced delays, partly over a long-running row between developers and those who fear it will destroy the environment and cultural heritage.

From a November 2014 post:

Greek auditors have unblocked the USD $1.2 billion sale of abandoned Hellenikon airport  (Athens) to Lamda Development SA (“Lamda”).   The sale is the largest privatization deal by dollar value to occur since Greece’s debt crisis.

In September 2014, auditors had blocked the sale of the property from privatization agency HRADF to Lamda, stating that the transaction’s tender terms violated the principles of transparency and equal treatment.

Lamda Development is backed by Chinese and Abu Dhabi-based firms.  Involved in the acquiring consortium under fund name Global Investment Group (Luxembourg) are Al Maabar (Abu Dhabi), Latsis Group, and Fosun International (China).   Al Maabar is also among investors backing the Marsa Zayed mega development in Aqaba, Jordan, and Bab Al Bahr in Morocco.

As envisioned, the 6.2 million square meter site, with a build-out valued at €7 billion, may become the largest mixed-use development in Europe, with work beginning in 2016.

Lamda Development S.A. is based in Maroussi, Greece.   The company  is involved with the investment, development, maintenance, and sale of real estate projects in Greece, Romania, Bulgaria, Serbia, and Montenegro. It operates in two segments, Real Estate and Marine Services. The company’s development portfolio includes The Mall Athens, Golden Hall, and Mediterranean Cosmos, as well as hotels and residential complexes, office buildings; and marinas.  It also provides marine services.  Lamda Development SA is led by CEO, Odysseas Athanasiou.

Lamda Development S.A. is a subsidiary of Consolidated Lamda Holdings S.A.