On June 25th, 2021, the financial closing of the Hellinikon Project tooκ place between HRADF (seller) and HELLINIKON GLOBAL I S.A. (buyer), a subsidiary of Lamda Development, marking the beginning of the development of the former Hellinikon airport area and the coastal zone of Agios Kosmas and spearheading one of the largest urban revitalisation projects in Europe. As a result, HRADF received the amount of €300 million as the first installment of the total financial consideration that amounts to €915 million and, in addition, received the Deferred Payment Bond of a maximum amount up to €347,191,349.
Hellinikon is an iconic project that will boost the Greek economy, re-position Greece on the global investment and tourism map, incorporate cutting-edge technologies and modern design and architecture principles.
The Hellinikon site comprises a total area of about 6,200,000 square meters, excluding beach and seashore.
The Hellinikon is an €8 billion investment. The total mandatory investment cost is estimated at approximately €5 billion, including €1.5 billion of infrastructure and public interest investments, in the first investing period of the project. Therefore, it is expected to have a 1.5-2% positive impact on the GDP growth of Greece, creating 10,000 jobs during period and more than 70,000 when it will be fully deployed.
The goal is to create a modern, digital, and environmentally friendly city, a model of sustainable development, reflecting Greece’s cultural heritage. A new venue for entertainment, relaxation, walking, and exercise for every