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Greece Picks Lamda’s $105 Million Bid to Lease Athens IBC Site

Greece’s state asset-sales fund chose a Lamda Development SA unit to lease the International Broadcasting Center in Athens for 90 years after an 81 million-euro ($105 million) bid in a public tender.

“The full utilization of the IBC will not only commercially upgrade the specific area but will also revive investors’ interest in the capital’s real estate market,” Hellenic Development Fund Chief Executive Officer Ioannis Emiris said in an e-mailed statement.

The deal will be the first real estate privatization in the country’s plan to raise 25 billion euros from public property to reduce debt. The broadcast center was built for the 2004 Olympic Games and includes the Golden Hall shopping mall with a total area of 132,200 square meters (1.4 million square feet) and an additional vacant area of 21,600 square meters.

Depending on the state of the economy over the next 50 years, the Greek government could receive as much as an additional 32.4 million euros from the deal with Lamda Domi, a unit of Lamda Development, according to the statement.

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