Greece's Lamda Development together with an Abu Dhabi-based real estate company submitted on Feb. 25th an offer for the project. According to sources, the company plans to invest about €7 billion (US$9.64 billion) in the project, which could include creating residential, recreation, sports and cultural facilities at the 620-hectare former airport.
The HRADF privatization agency is evaluating the offer and will be known by mid-March. Athens has not disclosed how much money it expects to raise from the 99-year lease of the seaside property.
Greece has so far raised €2.6 billion from privatizations, well below the €22 billion targeted in its first EU/IMF bailout in 2010.
Hellinikon International Airport was the international airport of Athens for sixty years up until 2001, when it was replaced by the new Athens International Airport.