The Ellinikon Project is now signed

Perhaps the most historic project of the recent years was signed a short while ago. The investment of Hellinikon Project was signed and got off the ground just a few hours ago, after 7 years of waiting and almost 20 years from the day the old airport of Athens stopped operating. The most emblematic project of HRADF entered today a new era and the huge investment of a total of 7 billion euros has just begun.

The signature of the Fund and the HELLINIKON GLOBAL I SA, a subsidiary of LamdaDevelopment, of the Private Share Transfer Agreement (STA) for the acquisition of 100% of the share capital of the company “Hellenic SA”, marks the beginning of the project that is meant to change officially the image of Attica in the next decade. The signing was accompanied by the payment of the first installment of the price of 300 million euros, as well as a letter of guarantee of 347 million euros.

The transfer of the shares of “Hellenic SA” signed by the Executive Director of HRADF, Mr. Panagiotis Stampoulidis and the CEO of Lamda Development, Mr. Odysseas Athanassiou, marks the beginning of the development of the former Hellinikon Airport and of the Agios Kosmas coastal area as well as the beginning of the biggest urban regeneration in Europe.

The signing took place in the presence of the Minister of Finance, Mr. Christos Staikouras, the Minister of Development & Investment, Mr. Adonis Georgiadis, the Deputy Minister of Development & Investment, Mr. Nikos Papathanasis and the Chief Executive Officer of the Superfund, Mr. Grigoris Dimitriadis.

The Executive Director of HRADF, Mr. Panagiotis Stampoulidis stated: “Almost ten years have passed since the beginning of the HRADF competition for the Hellinikon Project in 2012. Today’s signing seals the implementation of an emblematic course for the development of the investment country, which approaches 8 billion euros and creates the prospect of thousands of jobs with multiplicative economic benefits for the Greek state, the local and wider economy and society. In the forthcoming years, Attica will acquire the largest urban park in the whole Europe. Finally, I would like to thank the HRADF executives for the tireless effort and dedication they showed. Not to forget to mention our legal and technical-economic advisors as well as all those who contributed their efforts to complete this extremely demanding project”.