One of the key and most critical issues concerning the contractual obligations that will pave the way to the signing of the agreement for the transfer of HELLINIKON SA shares to LAMDA Development has been resolved with the Hellenic Parliament’s approval by a large majority of the Partition and Surface Rights Agreement on the Metropolitan Pole of Ellinikon-Agios Kosmas Property.
This law grants LAMDA Development, through the acquisition of HELLINIKON SA – upon completion of the transaction – full ownership of 30% of the area (approximately 180 hectares) of the former Ellinikon airport and the coastal zone, excluding the seafront and the beach, and the surface right on the rest of the property for 99 years, excluding common-use and public-facility spaces.
Based on the Partition Agreement, HELLINIKON SA acquires:
- full ownership rights to an area equal to 30% of the total surface area of the Former Airport and an area equal to 30% of the Coastal Zone, excluding the seafront and the beach, and
- surface rights on the rest of the Metropolitan Pole, excluding use and public-facility spaces.
The Partition Agreement ensures that HELLINIKON SA is granted full ownership rights for the following developments, in addition to all residential developments:
- The shopping centre on Vouliagmenis Avenue,
- The high-rise mixed-use building (hotel and offices) on Vouliagmenis Avenue,
- The high-rise office building on Vouliagmenis Avenue,
- One hotel on the coastal front.
The residential developments, for which the HELLINIKON SA will also be granted full ownership rights, include, among others:
- The high-rise (200 m high) residential building in the area of the marina,
- The other residences on the coastal front and
- All of the residential buildings on the perimeter of the Park.
The surface rights enable the full utilisation of the provisions envisaged by the relevant legislative framework and essentially achieve the acquisition of the right to fully utilise and exploit for 99 years all other developments of the Metropolitan Pole, which will then be returned to the Greek State.
The developments with surface rights include:
- the area on which the integrated tourism complex (Integrated Resort Casino – IRC)– including hotel, casino, conference and expo facilities– is planned to be developed,
- the hotel and commercial developments at the Agios Kosmas marina,
- all the recreational developments within the Park.
The Agreement also specifies in detail all particularities of the Metropolitan Pole (including specific archaeological sites, monuments, listed/preserved buildings, etc.), while also precisely delimits all common-use and public-facility spaces.
Abiding fully to former legislative acts, namely the Presidential Decree which approved the Integrated Development Plan and the Joint Ministerial Decision which implemented it – the full alignment of the urban planning and the ownership status is achieved.
Moreover, the Government Gazette of the ratified Partition Agreement and the special diagram that accompanies it will be registered to the Glyfada and Palaio Faliro Land Registry offices. This ensures maximum legal certainty and full transparency and disclosure for all future buyers.
The Ellinikon is the vision of Greece of tomorrow. It is the largest investment wager in our country, the most important growth driver– especially during current challenging conditions for the Greek economy – with the aspiration and prospect of soon becoming a global pole of economic, investment, cultural and tourism activity, with multiple benefits for everyone.
The Ellinikon, the largest urban regeneration project in Europe, is a symbol of the country’s transition to the needs and priorities of the future.