The Greek government is working to conclude a multi-billion euro deal to lease seaside property at the former International Airport Base by autumn, Fin Min Euclid Tsakalotos said. In 2014, Greece signed a €915m agreement to lease the property to a consortium led by Greek Lamda Development together with investors from China and Abu Dhabi. But the deal still requires several steps to be taken before it can be completed, including the approval of a zone planning scheme for the site and the granting of casino licenses. The project was exhibited this year.
The state privatization fund (TAIPED) is currently in talks with the investors to amend some terms of the deal and has said that it wants to wrap up those negotiations by the end of April. “I believe it will be concluded by autumn,” Finance Minister Euclid Tsakalotos told parliament without providing further details. “I believe this target is close enough and we can achieve it.”
”The Lamda-led consortium plans to turn the 444-acre plot into a tourist, business and commercial hub. Privatization has been a part of Greece’s international bailouts since 2010 but has failed to generate the expected revenues until now because of political resistance and bureaucracy. Greece expects to collect an initial €345m installment for the Hellenikon lease project this year, according to the state budget.
