* Greece sets March 26 deadline for improved bid
* Project crucial for Greece's 2014 asset sales target
ATHENS, March 19 Greece has given the only
bidder in a deal to develop the former Athens airport of
Hellinikon a week to improve its offer, the country's
privatisations agency HRADF said on Wednesday.
Three times the size of Monaco, Hellenikon, one of Europe's
biggest real estate projects, is crucial for the debt-laden
country to meet its 2014 privatisations target.
HRADF did not disclose how much Greece's Lamda Development
, backed by China's Fosun and an Abu
Dhabi-based real estate company, offered for the 99-year lease
of the seaside property. ]
"HRADF's board has asked Lamda Development to submit an
improved offer by Wednesday, March 26," the agency said in a
statement, adding it would decide whether it would accept the
offer by the end of the month.
Greece, which has been bailed out by the EU and IMF since
2010 with 240 billion euros has agreed with its creditors to
raise 3.6 billion euros ($5.01 billion) from privatisations this
But Athens has repeatedly missed its privatisation goals and
three government officials have said the 2014's target will
probably be lowered to about 2.8 billion, mainly due to pending
regulatory approvals and court rulings on several projects.
The Hellenikon site, located on Athens' southern coast,
includes several derelict venues built for the 2004 Olympic
Games, as well as a marina.
While Greece first launched the Hellenikon tender in 2011,
it has taken more than two years to settle planning issues and
remove legal hurdles raised by local communities and other
($1 = 0.7188 euros)
(Reporting by Angeliki Koutantou; editing by Karolina Tagaris
and Louise Heavens)