A master plan for the landmark Helleniko real estate project, overseen by Athens-based Lamda Development for the main investment vehicle, Global Investment Group, foresees a 915-million-euro payment to the Greek state, paid in installments over the next 10 years.
The first payment, in fact, is a lump sum of 300 million euros for the purchase of 100 percent of the Helleniko S.A.’s shares – the state entity that manages the disused facilities of the old Athens airport -- and a concession for 99 years.
Lamda Development will manage the project for the investment group, which is comprised of Chinese multinational Fosun, Abu Dhabi-based Eagle Hills and the Latsis group, which controls a majority of Lamda.
The master planner for the project is Foster+Partners.
Based on the investment plan, the concessionaire is obliged to make investments of 4.6 billion euros over a 15-year period.
Projected revenue for the Greek state, based on a 25-year investment cycle that takes into account the initial construction and subsequent operation, is expected to total an impressive 13.5 billion euros, i.e. taxes on profits, employees’ income taxes, social security contributions, property taxes, VAT remittances. The figure comes from a study unveiled by the Athens-based IOBE economic research institute.
As previously reported, the prospect of relocating the one and only casino in the greater Athens from a mountaintop overlooking the city, Mont Parnes, to the coastal site is also a likely possibility.
Moreover, in a move that will please proponents of private initiative and a smaller state, the concessionaire assumes the maintenance, upkeep and security for the entire site, including the Central Park-sized green spaces.
