Lamda Development Undertakes 100% of Hellinikon Mega Project

Lamda Development has fully taken over the Hellinikon concession and will buy out its consortium partners, the company announced on Wednesday. Known as the Global Investment Group, the consortium for the ambitious 7-billion-euro Hellinikon project included Athens-based Lamda Development, China’s Fosun and Abu Dhabi’s Eagle Hills.

According to Lamda Development’s announcement, the company’s board of directors on Wednesday held an extraordinary general meeting of shareholders and approved a share capital increase up to 650 million euros.

“Over the last few months, the discussions with the partners of Global Investment Group were conducted in close cooperation,” the company said.

The Hellinikon project. Photo source: thehellinikon.com

Lamda Development said that the “national character” of the Hellenikon project and the management control structure it involves, in conjunction with the demanding timetable for the commencement of the development, did not allow an agreement to be reached among its partners.

“Therefore, Lamda Development undertakes 100 percent of the visionary Hellinikon Project,” the company said.

Lamda Development added that strategic partnerships in relation to the shareholder structure or individual developments will be announced in the future as part of the ongoing strategy of the company and the international scale of the project.

‘Hellinikon is much more than an investment’

The Hellinikon project. Photo source: Lamda Development

Moreover, Lamda Development said it is ready for the commencement of the “largest urban development project in Europe”, with significant impact in the Greek economy, entrepreneurship and local communities.

According to the company’s vision, the Hellinikon is much more than an investment: “It is a big step forward for Greece, a project that will turn Athens into a global investment, tourist, entertainment and cultural destination.”

The Hellinikon project is expected to create, among others, thousands of new job opportunities, one of the largest parks in the world, landmark buildings, and become a world-class destination, with multiple benefits for the country and its citizens.

For more news on the Hellinikon project, press here.