Court of Audit Judgment for Hellinikon Project

The 6th (VI) Judicial Section of the Court of Audit with its No. 3800/2014 Judgment has accepted the petition of the Hellenic Republic Asset Development Fund for the revocation of No. 197/2014 Act of the 7th (G) Judicial Unit allowing the signing of the contract for the sale of 100% of the shares of “HELLINIKON S.A.”. With this judgment the first stage of all approvals is being completed clearing the way for the largest contemporary private development project in Greece, an investment totaling €8billion.

Lamda Development SA and Global Investment Group which supports the project are stressing the significance that this project will have for the Greek economy, and they are specifically highlighting the following:

1. The investment is targeting the development of residential areas, hotels, shopping centers, theme parks, museums, open cultural spaces, health care and wellbeing centers, recreational and sports facilities, the creation of a contemporary business educational and research hub and the total upgrading of the existing marina and the waterfront. Thus an innovative urban development is being created which will redefine both Athens and the country as a tourist magnet as well as business cultural and investment centers.

2. The investment will contribute to the environmental regeneration of Attica through the creation of one of the biggest parts globally and the biggest metropolitan recreational park in Greece measuring 2M sqm with free access for all.

3. With this project which is the largest contemporary urban redevelopment investment in Europe the country’s reliability as a safe investment destination for long term and strategic investors will be strengthened

4. This project will contribute to GDP by approximately 2% (source IOBE). New national wealth will be generated from all areas of Greek business sectors, as a result of the revitalization of the unemployed workforce and the creation of new investments.

5. According to IOBE study, with the construction and the opening of the project, employment will be boosted specifically in the Attica area through the creation of approximately 70,000 new jobs during 2014 – 2031. The biggest percentage of the new jobs during the contraction period will involve skilled and technical labor force, segments which have been primarily affected by the continuous financial crisis.

6. The project will greatly contribute to the national effort for the creation of surplices through revenues to the Greek state (V.A.T., income tax, etc.) during the period of the project’s full operation and is expected to reach approximately 2 billion. Euro annually.

7. The project will strengthen Greece and the greater metropolitan Athens area, as international tourist destinations, gaining 1,000,000 additional tourists per year, thus attaining extra revenue in addition to the many other benefits for the economy.