Piraeus Bank, one of four systemic lenders in Greece, on Wednesday announced a preliminary agreement with Lamda Development to shift the biggest part of its central operations to a new state-of-the-art business park to be created on the northeast side of the Helleniko site in coastal southeast Athens.
The agreement punctuates a flurry of recent commercial interest for the site, only a few weeks after a long-term – but long-delayed -concession agreement between Lamda
Development and the Greek state was finalized, funneling 300 million euros into the latter’s coffers, along with a letter of guarantee for more than 300 million euros more.
The cash payment was the first installment foreseen in the concession agreement. Lamda Development won an international tender to exploit the massive site more than seven years ago.
Helleniko is the most important privatization in Greece in recent memory, and one of the biggest real estate projects in the Mediterranean and possibly the EU, billed as valued at eight billion euros.
According to reports, the agreement, in the form of a MoU, hovers at around 140 million euros, and cites the purchase of 40,000 square meters of office space by the ATHEX-listed banking group. Moreover, a highly ambitious completion date for the new complex is given as late 2025. Piraeus said it will shift operations now hosted in no less than 18 separate buildings.
The business park is planned along Vouliagmeni avenue, on the opposite end of Helleniko’s beachfront and promenade.
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