By T. Igoumenidi
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Lamda Development is busily working to fulfill all of its obligations related to a closely watched concession for the Helleniko privatization at the old Athens airport site, according to the Athens-based company's president, Tasos Giannitsis.
The former minister and noted Greek economist spoke at an extraordinary general assembly of shareholders' meeting in Athens on Thursday.
Giannitsis said the recent issuance of a necessary presidential decree for the entire project to proceed was a positive development, while adding that most of the pending prerequisites before construction begins on one of the biggest real estate development projects in Europe must be fulfilled by the government side.
The Helleniko real estate project is budgeted at no less than seven billion euros, with the price tag possibly rising. It is also a memorandum-mandated privatization and judged as a "litmus test" for the current leftist-rightist coalition government's volition to push through major works and private investments.
At the same time, Giannitsis said he could not predict when a new casino license will be issued for the specific southeast coastal Athens site. A new casino at the site is considered by consortium partners, led by Lamda Development, as more-or-less non-negotiable.
According to most market watchers in Greece, the procedure for issuing a new gaming license for the Helleniko site will not be completed by the end of the year.
At the same time, building licenses in the form of joint ministerial decisions are being readied by the state.
