March 31, 2014 / 3:37 PM / 3 years ago

Greece picks Lamda-led group to develop former Athens airport

ATHENS, March 31 (Reuters) - Greece has picked Lamda Development, backed by Chinese and Arab funds, to develop a prime seaside property at the former Athens airport Hellenikon, the country’s privatisation agency HRADF said on Monday.

Lamda Development, backed by China’s Fosun and Abu Dhabi-based property firm Al Maabar, was the sole bidder for the project. The group improved last week its initial bid for the 99-year property lease by 25 percent, offering 915 million euros ($1.26 billion) for the sale.

HRADF officials had told Reuters that the improved offer was satisfactory and would most likely be accepted by the agency’s advisers.

The sale of the 620-hectare property will help Greece meet its privatisation targets set by its international lenders, while the project is expected to create directly and indirectly about 50,000 jobs over 10 years.

$1 = 0.7271 Euros Reporting by Angeliki Koutantou, editing by Deepa Babington

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