Lamda Development buys out 100% of the Elliniko project

The handover of 100% of Elliniko SA to Lamda Development will be completed next Friday 25 June. The contractor announced on Wednesday that it will pay the first tranche with a total cost of 915 million euros, which is 300 million euros, and give a letter of guarantee for 347 million euros to the State Asset Use Fund (TAIPED).

The announcement, made Wednesday by a construction company registered in Athens, follows the latest positive verdict by the Council of State, resolving the last outstanding issue before the legal completion of a development project on the site of the old Athens airport.

Lamda has already decided to close the economic aspect of the deal by not using the no-pay casino clause until the process of opening a new casino on the site progresses.

Regarding delays seen in relation to casinos, a Lamda spokesman expressed optimism on Wednesday, saying that due to the changes made to the Inspire Athens operating consortium (65% owned by the American group Mohegan and 35% by GEK Terna), the government tender will be completed quickly. , and the project can be launched in early autumn.

“For seven years, we believed that our vision could become reality. Today we see the beginning of the implementation of all that we have planned with patience and faith, and mainly with enthusiasm and focus on the goal all this time, ”said Chief Executive Officer of Lamda Odisseas Atanasiou.

“We have ready-made architectural plans for the first phase of the project, which we will immediately start submitting and for which we have received funding,” added Atanasiu.

In the first five years of the 15-year investment development period, Lamda will not only implement projects and infrastructure of public interest, including in the capital’s park, but also build a 170-room luxury seaside hotel, an aquarium and a marine research center, part the area of ​​the marina of Agios Kosmas, plus will carry out the modernization of the marina and build a new shopping center, residential tower, etc.

In any case, it is already clear that the high-profile projects to create a super resort and play area have been postponed for many years. Investors are tired of years of waiting, disappointed and are afraid to invest serious money in the Greek economy.

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