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Lamda Preferred for Ellinikon Airport Project

elliniko-lamda-developmentMonday’s meeting of the HRADF Board unanimously declared Lamda Development SA the preferred investor for the acquisition of 100% of Hellinikon SA shares, after the positive feedback from the Council of Experts.
This followed the submission of fairness opinions from the Financial Advisers of HRADF, Citigroup and Piraeus Bank, who considered the 915 million euros final financial offer to be fair and reasonable.
On Thursday, April 3 a press conference will be held in order to further inform media representatives.
Approximately 1 billion euros will be raised in equal funds by the Global Investment Group, which includes investment funds associated with Latsis Group, the Chinese company Fosun and Al Maabar.
At this stage, 600 million euros have already been secured and the group plans to gradually add more funds from both foreign and Greek investors, until the competition is completed. Gradually, depending on how the investment progresses, it will also be financed by borrowing from foreign and Greek banks.
As to whether the group will proceed to sell parts of the land in order to finance the investment, investors don’t wish to exclude such a possibility at this stage.
Investors have made a commitment beyond the 915 million euro offer to invest 1.25 billion euros on public infrastructures, which will be implemented within the first 2 or 3 years, while the price of 915 million euros does not include the Greek state’s 30% gain on the investment’s profits. However, the state will only collect such profits if the investment’s overall cumulative return is over 15%.

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