Hellinikon: They tossed 343 million

Hellinikon: They tossed 343 million

Another misguided action by the Government and by the Hellenic Republic Asset Development Fund is observed with the sale of "Hellinikon SA".

According to the report in the newspaper RealNews, the HRADF granted - through relevant competition - the use of land of Hellinikon in the company Lamda Development of the Latsis Group, for a consideration of 915 million, which will be paid in the next 10 years and at current prices is only about 580 to 700 million.
The advocates of the largest deal ever in the real estate sector in terms of the state, argue that the agreement signed between the company and the state, will benefit the Greek economy by investing and creating new jobs.

Moreover, in an announcement, Lamda Development stresses that "the total investment of the company and of the consortium that frames it, namely Al Maabar of Abu Dhabi and the Chinese group Fosun, will stand in 7 billion concerning the development projects in Hellinikon".

So far, however, the state and taxpayers seem to count only loss. Based on data provided by the ministries regarding the value of the Olympic venues, they have cost the Greeks 343.4 million.

The Olympic Center of Sailing in St. Thomas has cost 116.2 million, the Greek Olympic Complex (softball, baseball, hockey, fencing, handball, basketball) 192.6 million and the Olympic Center Canoe-Slalom in Hellinikon 34.4 million Euros.

In simple words, the Greek taxpayers have paid for the construction of Olympic venues more money than the Greek government will receive as deposit from the Latsis Group, even when the project will start.

It is noted that 915 million will be provided by Lamda Development in a decade, while the deposit is 302 million.

Furthermore, will held control of the investment and an independent contest for the construction of casino, before the payment of deposit.

It should finally be noted that market players question the financial soundness of Lamda Development Company, which decided to proceed with a capital increase of 150 million, part of which will be used for individual development projects in Hellinikon. They add that it is paradoxical that a company which incurred losses to undertake the investment range in Hellinikon.