EBRD supports flagship Hellinikon project in Greece
The European Bank for Reconstruction and Development is investing €22.7 million in the €650 million share capital increase of Lamda Development, the private sponsor of Hellinikon, in support of the biggest urban regeneration project in Greece.
The Hellinikon project is aiming to regenerate the former Athens airport area into a sustainable and fully integrated commercial, residential and tourist infrastructure, spanning a total area of 6.2 million m2. The project’s total investment cost is estimated at €8 billion over the next 25 years.
The project will create a metropolitan area that is accessible to all citizens and visiting tourists by enhancing transport links; adding new cultural, sports, tourism and educational infrastructures; improving pedestrian connectivity; creating new public spaces and an open park of 2 million m2; giving access to 3.5km of the Athenian coastline that is currently inaccessible; and adding new housing and mixed use centres consisting of prime offices and retail.
It is also estimated that Hellinikon will attract over one million new tourists to the region and help the Greek capital strengthen its position as a year-round tourist destination. Lamda Development is one of the largest real estate developers in Greece and specialises in the development, investment and management of real estate assets. The company’s capital increase will be raised through a domestic secondary public offering, with the new shares listed and traded on the Athens Stock Exchange.
