New era for the Elliniko project

The emblematic work of the renovation of the area of ​​the Metropolitan Pole of Elliniko and Agios Kosmas is changing page, now passing to the stage of the construction works of the individual investment plans.

According to information, by next Friday, June 25, the Greek state and the private investor who undertakes the implementation of the mega project, Lamda Development, will have signed the contract for the transfer of the shares of Hellenic SA. from the HRADF to the Latsis interest company.

According to sources close to the project, all the necessary legal and other administrative acts have been completed, with Lamda Development, in fact, having prepaid the amount of 300 million euros, as provided by the relevant concession agreement.

The same circles, speak of a historic day as after seven years of misadventures the project closed the last pending issues based on which it is possible to turn the page. In fact, today the Council of State issued the last decision rejecting appeals against the project. “The project is not going back, no one can stop it”, sources close to the company typically noted.

The investments of the first five years for the regeneration of the area of ​​6.2 million square meters will amount to 2.5 billion. euro with financing secured both by the banks and by the share capital increase that Lamda Development had proceeded with.

Investments in the first five years

The investments of the first five years will concern the construction of basic infrastructures (utility networks, etc.), an important part of the metropolitan park and luxury residences, the construction of the shopping center and two towers on Vouliagmeni Avenue, the upgrade of Agios Kosmas marina with construction of a five star hotel and the construction of a seaside settlement with houses of soft construction.

According to the same information, Lamda Development decided to proceed with the project despite the fact that it is pending with the development of the integrated tourist complex and the casino in Elliniko. Sources say that the Inspire Athens consortium, which has been appointed temporary contractor for the casino license and the development of the tourist complex, has been given time until the beginning of October in order to settle any pending issues related to the undertaking of the project.

Lamda Development circles express their optimism regarding the solution of this pending issue. The same sources note that regardless of the casino, the company is proceeding normally with the implementation of its plan for the regeneration of the area.

In fact, in the next two months of June – July, it will announce the tenders it will conduct for the undertaking of works by construction companies and the elaboration of studies by architectural offices.

The announcement of Lamda

On a historic day for Lamda Development, the Board of the company decided to proceed with the purchase of the shares of Hellenic SA as today:

· The latest decisions of the CoC were issued and

· The issues related to the deferral clause concerning the Casino operating license were settled with the HRADF.

On June 25, the first installment of the Price, amounting to € 300m, will be paid to the Greek State. and the Letter of Guarantee, amounting to € 347m will be delivered to the HRDH.

A new era for Greece

The moment is historic as it coincides with the period of restart of the Greek economy and the country’s recovery effort. Lamda Development will lead the way in this endeavor.

Elliniko is a project that will give a growth impetus to the Greek economy and will reposition Greece on the world investment and tourism map, incorporating the most modern technologies and principles of urban design and architecture.

Our goal is to create a modern green, digital city, a model of sustainable development, friendly to people and the environment, which will highlight the cultural heritage of Greece.

A new place of entertainment, relaxation, walking, sports, accessible to all.

A new form of communication

As part of our desire for consistent communication, we are launching a series of online presentations of project progress. The first two will take place in the first 15 days of July and will concern the architectural plans of the first residential tower in Greece and the planning of the development of the coastal front.

“For 7 years we believed that our vision could become a reality. Today begins the implementation of all that we planned with a lot of patience and faith, but mainly passion and dedication to the goal we had set all this time.

We have complete architectural plans for the first phase of the Project which we will start presenting immediately and for which we have secured funding. For their implementation we have with us leading partners from Greece and abroad.

We look forward to becoming ambassadors of sustainable development in our country through the creation of a “smart green city”.

We will try to constantly listen to the pulse of society in order to upgrade the quality of life and the everyday life of citizens.

With Elliniko we will create a model project on multiple levels that will upgrade the image of the country internationally “said the CEO of Lamda Development Mr. Odysseas Athanassiou.