Greece to pick China-backed bid for landmark property privatization: source

ATHENS Wed Mar 26, 2014 3:02pm EDT

Disused aircrafts are seen on the tarmac of the old Athens' airport at Hellenikon suburb, southwest of Athens June 20, 2011. REUTERS/Yiorgos Karahalis

Disused aircrafts are seen on the tarmac of the old Athens' airport at Hellenikon suburb, southwest of Athens June 20, 2011.

Credit: Reuters/Yiorgos Karahalis

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ATHENS (Reuters) - Greece received on Wednesday an improved, 915 million euro ($1.26 billion) by Greek real estate firm Lamda Development (LMDr.AT) 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 privatization 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 (0656.HK) 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 (C.N) and Piraeus Bank (BOPr.AT) to obtain a fairness opinion.

($1 = 0.7254 Euros)

(Reporting Harry Papachristou, writing by Angeliki Koutantou)

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