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Spiros Latsis takes the former Athens airport

01 April 2014 / 14:04:28  GRReporter
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The "test" for Lamda Development SA, owned by Spiros Latsis, and for its partners, two international companies, regarding the restoration of the old Athens airport starts today. Yesterday, after a procedure that had lasted 27 months, the company received from the Privatization Fund the green light for its offer to the amount of 915 million euro.

As stated in the official announcement of the Hellenic Republic Asset Development Fund, "Following a positive opinion of the Council of Experts, the Board of Directors of HRDAF unanimously declared Lamda Development SA as the preferred investor for the acquisition of 100% of the shares of Hellinikon SA."

The announcement states that the unanimous decision was preceded by the separate opinions expressed by the financial advisers of the Fund, Citigroup and Piraeus Bank that had defined as fair and reasonable the financial offer of 915 million euro made by the company and the investment group that supported its bid.

According to the announcement of the company, Lamda Development SA and Global Investment Group will pay the total amount of: a) 915 million euro for the acquisition of shares of Hellinikon SA and b) 1.25 billion euro for infrastructure investment, or a total of 2.1 billion euro. The message specifies that, under the terms of the auction, the investor will acquire the ownership of 1,800 acres from a total of 6,200 acres.

According to the official announcement of Lamda Development SA, "the largest private investment ever undertaken in the country, totalling 7 billion euro, will be developed" on the total area of ​​6,200 acres of the old airport in Athens.
 
The same announcement emphasizes that the goal is to create, based on a comprehensive and coherent plan, a complete structure that will combine the beauty and the unique characteristics of the area with state-of-the-art buildings, innovative infrastructure and various services at a high level.

Lamda Development SA also emphasizes that "the pivotal element of the investment is the creation and maintenance of a 2-million-square-metre park fully accessible to the public as well as the upgrading of the coastal front."

The company also announces that its Management Board decided yesterday, 29 April, to convene an extraordinary general meeting of shareholders, its main topic being the fundraising of 150 million euro. This will materialize by increasing the share capital through cash payments and issuance of new ordinary registered shares with voting rights, giving priority to existing shareholders.

Tags: Spiros LatsisLamda DevelopmentInvestmentOld Athens airport
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