Greece to pick China-backed bid for landmark property privatisation-source

ATHENS, March 26 Wed Mar 26, 2014 2:59pm EDT

ATHENS, March 26 (Reuters) - Greece received on Wednesday an improved, 915 million euro ($1.26 billion) by Greek real estate firm Lamda Development to develop the old Athens airport at Hellenikon and will likely accept the offer, a source close to the talks said.

"Lamda improved its offer by 25 percent and I consider it highly unlikely that our advisers will recommend us to turn down the offer," a senior official at Greece's privatisation agency HRADF told Reuters on Wednesday on condition of anonymity.

The sole bidding group is led by Lamda, a real estate firm controlled by the Latsis-family, and also comprises Chinese company Fosun and an Abu-Dhabi-based real estate company.

HRADF confirmed in a statement it got an improved offer by Lamda and that it would pass it on to its advisers, Citigroup and Piraeus Bank to obtain a fairness opinion. ($1 = 0.7254 Euros) (Reporting Harry Papachristou, writing by Angeliki Koutantou)

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