Procopiou to create a school at Elliniko
The cooperation between shipowner George Procopiou and Lamda Development will be of a strategic nature, after the acquisition of a 2% stake in the listed company’s share capital for an amount of 25 million euros.
At the same time, as it has been revealed, Procopiou will be the one who will finally proceed with the purchase and development, in collaboration with Lamda, of the plot of land within Elliniko, which was originally intended for the construction of a new school by Athens College.
After the unanimous decision by the board of directors at Athens College not to finally proceed with the creation of new facilities in Elliniko, it seems that Procopiou, who was initially considered to be one of the financiers of the project, will himself take advantage of the specific area.
People who know of the plans George Procopiou had for the financing of the development and operation of the College of the Hellenic-American Educational Foundation in Elliniko commented on Monday that “apparently Procopiou is continuing the plan he believed in from the beginning and had committed to finance, for the development of an iconic private school in the southern suburbs.”
The area to be acquired will be 220,000 square meters and it is expected that an educational institution with an international curriculum will be developed, as well as residential and office spaces. The maximum area allowed for building is 86,000 sq.m.
It is recalled that, based on information, Procopiou’s initial discussions with Lamda and its main shareholders, which took place two years ago, concerned the purchase of 90,000 sq.m. of land and a construction factor for 30,000 sq.m. buildings. Of these, a significant part concerned higher education facilities.
At the same time, Procopiou’s collaboration with Lamda Development will be sealed with the acquisition of 3,534,734 of the company’s own shares, for €7.1 per share. In fact, this is an amount that is also a significant premium, as during Monday’s bourse session, the company’s shares were trading around €6.3-6.4 euros.
The final agreement between the two sides is expected to be completed within the next month.
