The financial closing of the Hellinikon transaction took place on 25 June 2021, between HRADF and HELLINIKON GLOBAL I S.A., a subsidiary of Lamda Development, signalling the launch of the development of the former Hellinikon airport land and the Agios Kosmas coastal front, in the context of the largest urban regeneration project in Europe.
HRADF received the amount of €300 million as the first instalment of the total €915 million fee, and also received the Credited Price Letter of Guarantee of a maximum amount of €347,191,349.
The development of the Hellinikon property, which covers an area of 6,200,000 m2, excluding the shoreline and the beach, is an emblematic project that will boost the growth of the Greek economy and reposition Greece on the global investment and tourism map, incorporating the latest technologies and most advanced urban planning and architectural principles.
The total investment for the completion of the project will amount to €8 billion. The mandatory investments in the first investment period are estimated at €5 billion, including €1.5 billion for infrastructure and public interest projects.
The regeneration of Hellinikon is expected to have a positive impact of 1.5-2% on our country’s GDP, creating around 10,000 jobs during the construction period and 70,000 new jobs when the project is completed. The goal is to create a modern green digital city, also serving as a sustainable development model, that will be friendly to people and the environment and showcase Greece’s cultural heritage. A new space for entertainment, relaxation, walking and exercise that is accessible to all.
