Greece markets former Athens airport land - The Best from Greece

Greece's privatisation authority is seeking expressions of interest for the acquisition of a majority stake in the company that owns the rights to develop the land around the former Athens airport, Hellinikon.

Located within the greater Athens metropolitan area, the site is close to the heart of the Greek capital, with direct access to the Aegean islands.

As the majority shareholder, the preferred investor will be responsible for ensuring that the company, Hellinikon carries out the development of an area of more than 6.2 million m2 of land and real estate assets.

The site is more than three times the size of Monaco, more than twice the size of Hyde Park in London and Central Park in New York. The mixed-use development will be one of the largest urban regeneration and land development projects in Europe, the Hellenic Republic Asset Development Fund said.

It is expected that the preferred investor will be announced by end-2012.

Citigroup Global Markets and Piraeus Bank are acting as financial advisors to the Hellenic Republic Asset Development Fund on this Process.

Hellenic Republic Asset Development Fund recently confirmed that total revenues from privatisations in 2011 have exceeded EUR 1.8 bn, of which EUR 1.5 bn will be collected this year. Six new privatisation processes are expected to be announced between now and the end of January 2012.