HRADF’s Asset Development Plan for Hellinikon Project to conclude tender process

A series of actions that need to completed in order for the the big investment in Hellinikon area to start, have been published with an updated Asset Development Plan (ADP) by HRADF (Hellenic Republic Asset Development Fund). In the plan, is also included the history of the investment so far as well as the steps that will conclude the tender process.

According to this “road map”, a series of approvals is necessary by multiple Ministries and State entities, that will actually reform the legislative framework which will allow the tender to overcome current difficulties and grant investors the very much discussed license for a casino in the new facilities, among others.

Joint Ministerial Decisions (JMCs) would then be published, concerning the urban development  of the area and new Metropolitan Park. A key point for all this, is the relocation of private and public bodiesfrom the area, followed by a revision of the ownership rights between the Greek State and  HRADF, on the property.

After the completion of the above, the long-lasting procedure will be finally closed with two deeds: the first would be the transfer of the rights of the land from HRADF to Hellinikon SA and, of course, the closure of the transaction, with the payment of the first installment of the total 915mio euros, which amounts to 300mio euros.

According to the current schedule, all the above actions will have been completed by June, when Hellinikon SA will be finally able to start the first phase of the project, with a cost that reaches 5bn euros and concerns the creation of a Metropolitan Park, the construction of new infrastructure in the area and the completion of the investment in the touristic section of the property, in the area of ​​Aghios Kosmas.