ATHENS, July 2 Private equity group Blackstone
acquired a 10 percent stake in Greek real estate
developer Lamda for 20.2 million euros ($28 million),
the latest move by foreign funds warming to Greece's recovery
prospects, Lamda said on Wednesday.
Lamda Development said seven investment funds managed by
Blackstone-GSO Capital Partners bought 4.44 million of its
voting shares at 4.55 euros each - a 3.8 percent discount to the
stock's closing price of 4.73 euros on Wednesday.
Lamda was picked by Greece's privatisation agency in March
to develop a prime seaside property at the former Athens airport
Hellenikon. Backed by China's Fosun and Abu
Dhabi-based property firm Al Maabar, the firm was the sole
bidder for the project.
The 7-billion-euro plan to develop Hellenikon - a complex
three times the size of Monaco - is one of Europe's most
ambitious real estate projects and stands to be a major boost
for a nation limping back to growth after nearly going bankrupt
in the fallout from the global economic crisis.
(Reporting by George Georgiopoulos and Lefteris Papadimas;
editing by Keiron Henderson)