Signing the Hellinikon Deal
Following previous corporate announcements on the acquisition of 100% of the share capital of the company "HELLINIKON SA", LAMDA Development S.A. today announces the signing of the contract of the sale of shares of "HELLINIKON SA" by the 100% subsidiary of SPV «HELLINIKON GLOBAL I SA» as the Buyer and the Hellenic Republic Asset Development Fund as the Seller, with the Company also signing the contract as a guarantor of the Purchaser.
Todays announcement is the result of a long and transparent process that began with the tender announcement in December 2011 and is expected to be completed within two years, after the fulfillment of all requirements needed for the transfer of the shares as above, for the initiation of the greater investment in urban reformation in Europe, of a total expenditure of 8 billion. EUR
The participation of two of the largest companies worldwide in the projects investor group, with high capital power and expertise in infrastructure development projects, Fosun Group, one of the largest multinational groups of China, and Al Maabar, one of the largest real estate companies in Middle East area and North Africa with headquarters in Abu Dhabi, enhances the credibility of our country globally and contributes to the attraction of strategic investors. Their presence can be a milestone for the attraction of long-term investors and the enhancement of the development pace of the country, within the broader attempt to overcome the crisis.
Lamda Developments unique position as a company of Greek interests in the investor group, guarantees the Greek-centered character of the project in its overall design and operation, and more specifically, it guarantees the involvement of the Greek workforce, Greek scientific manpower and Greek business sector during the projects construction.
The investment serves the public interest and enhances the national effort to achieve the macroeconomic and fiscal targets of the country, since it will contribute to GDP growth by 2%, it will create approximately 70,000 new jobs, it will greatly contribute to the creation of state surplices and it and will strengthen Greece and the greater Attica area, as international tourist destinations, gaining 1.000.000 additional tourists per year.
The crucial significance of the project in the country's development and upgrade of the quality of life in the greater area, is also amplified through the creation of an innovative metropolitan development friendly to residents and visitors, which combined with 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, will redefine Athens and Greece as tourist and cultural magnets as well as safe business cultural and investment destinations.