Lamda says Elliniko development to require 7 bln euros

Greece’s Lamda Development estimates that the development of luxury homes and offices at a disused airport site south of Athens will require a total investment of 7 billion euros over 25 years, company officials say.

Lamda has committed to investing 1.5 billion euros over the first five years, undertaking the development on its own or through cooperation with third parties. After that, the company projects that 5.5 billion euros will be needed to see through investments which will be carried out in cooperation with third parties.

Lamda plans to turn the Elliniko site, which has been abandoned for nearly two decades, into a complex of luxury homes, hotels, offices, shopping centers, a yachting marina, a park and a casino.