Elliniko projects of €2.15 bln
Four investments to be completed by 2027 secure a steady flow of funds for the development
A total of 2.15 billion euros will be invested by 2027 in the Elliniko plot in southern Athens by four companies that have agreed with Lamda on the development of individual parts of the area once occupied by the capital’s airport.
It is estimated that the required building permits will have been secured by end-June so that these projects can start.
The largest of concerns an investment by the GEK TERNA-Hard Rock International scheme (49%-51%) for the construction of the Hard Rock Hotel & Casino Athens, as the integrated tourism complex (IRC) will eventually be called. The amount of the investment will be about far higher than the original plan, reaching €1.5 billion, instead of €1 billion.
The construction period is timed at three years, which means that the complex is expected to open in the first half of 2027.
Around the same time, in summer of 2027, the new Mandarin Oriental Hotel is expected to be inaugurated by TEMES of the Konstantakopoulos family.
In addition to the five-star luxury hotel, the company’s agreement with Lamda also provides for the development of Mandarin branded luxury homes and apartments.
TEMES will create two hotel units on either side of the property’s beachfront, with a total capacity of over 300 rooms. The total amount of the investment is estimated to reach €500 million.
Another project concerns a development planned by the listed Orilina Properties, of the Natsis family. Its recent listing, from which €30 million were raised, will finance part of the €77.5 million investment.
Orilina Properties aspires to create a 4,900-square meter luxury residential complex. An additional €20 million will be required for the construction of a members-only club. All this will be completed by 2026.
A further project, to be completed by the first quarter of 2027, concerns the development by Trade Estates REIC of the Fourlis group in the Elliniko business-commercial zone.
The company will put €70 million into the construction of a 30,000-square meter retail park.
