Economy

Greece's Lamda to develop former Athens airport

ATHENS, Greece (AP) — Greece's state privatization agency has picked a Greek real estate company to develop a sprawling coastal Olympic complex and former airport, once earmarked as a metropolitan park but largely abandoned for the past decade.

An agency statement Monday said its advisers submitted two separate positive opinions on Lamda Development's 915 million-euro ($1.26-billion) offer for the Hellenikon site. Lamda, backed by China's Fosun Group and Abu-Dhabi's Al Maabar, submitted the only offer for the tender, seen as the flagship of Greece's troubled privatization drive.

It plans to invest 7 billion euros ($9.65 billion) to build residential, commercial, sports and recreation facilities, and a 200-hectare (494-acre) park. Greece has committed to sell off state assets under the terms of the international bailout keeping its economy afloat since 2010.

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