The Hellenic Republic Asset Development Fund (HRADF), a member of the HCAP Group, completes today one of the most iconic public property development, with the signing by the HRADF (seller) and HELLINIKON GLOBAL I S.A. (buyer), a subsidiary of Lamda Development, of the Share Transfer Agreement for the acquisition of 100% of the share capital of “Hellinikon SA”.
The Share Transfer Agreement is executed between the Executive Director of HRADF, Mr Panagiotis Stampoulidis and the CEO of Lamda Development, Mr Odysseas Athanassiou, marking the beginning of the development of the former Hellinikon airport area and the coastal zone of Agios Kosmas and spearheading one of the largest urban revitalisation projects in Europe.
The closing ceremony was attended by the Minister of Finance, Mr Christos Staikouras, the Minister of Development & Investments, Mr Adonis Georgiadis, the Deputy Minister of Development & Investments, Nikos Papathanasis and the CEO of the Hellenic Corporation of Assets and Participations (HCAP), Mr Gregory D. Dimitriadis.
HRADF received the amount of 300 million euros as the first installment of the total financial consideration that amounts to 915 million euros and, in addition, received the deferred payment bond of a maximum amount up to 347,191,349 euros.
Mr Panagiotis Stampoulidis, Executive Director of HRADF, stated: “It took almost ten years from the moment HRADF launched the tender for the privatisation of Hellinikon S.A. in 2012 until the transfer of the company to the investor. Today’s signing seals the implementation of a landmark investment for the country’s development perspective, which amounts to €8 billion and creates the prospect of thousands of new jobs with multiplier economic benefits for the Greek State, the local and national economy and the society. In the coming years the largest urban park in Europe will be created in Attica. Finally, I would like to thank the Fund’s teams for their tireless efforts and dedication, our legal and technical and financial advisors, as well as anyone else who has helped in completing such an especially demanding project”.