November 10, 2017 / 10:02 AM / a year ago

Lamda says new obstacles emerge over Hellenikon resort

ATHENS, Nov 10 (Reuters) - Greek property developer Lamda said on Friday new obstacles had appeared in its plans to develop the disused Hellenikon airport site, one of the largest projects on the country’s privatisation agenda.

Lamda said Greece’s culture ministry had declared a new archaeological area over parts of the airport compound and imposed other restrictions, a move it said was an ‘unexpected change in the contractual agreed terms’.

“It is obvious that the investment cannot be materialised as long as continuous setbacks and new obstacles lead to amendments in the development plan in various ways that are not provisioned in the contract,” Lamda said in a stock exchange filing.

It was not immediately clear when the culture ministry designated part of the site of archaological importance.

Lamda signed a 99-year lease with the state in 2014 for the 620-hectare (1,530-acre) area, once the site of Athens airport. But the project has been beset with delays, partly over a long-running row between developers and those who fear it will damage the environment and cultural heritage. (Reporting By Angeliki Koutantou, writing by Michele Kambas)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below