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Greek Venture Seeks to Turn Refugee Camp Into Luxury Resort

  • Fosun-backed venture will seek to raise additional capital
  • Hellinikon resort project work expected to start next year
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A venture managed by Lamda Development SA plans to raise about 500 million euros ($560 million) next year to fund construction of one of the biggest real estate projects in Europe, the Greek company’s chief executive officer Odisseas Athanassiou said.

Hellinikon, a former Athens airport site that’s used to house refugees, will be turned into a luxury coastal resort with a marina hotel, aquarium, mall and residential tower. The joint venture between Shanghai-based Fosun International Ltd., Abu Dhabi’s Eagle Hills, and the Latsis Group has already committed 500 million euros to develop the complex on an area twice the size of New York’s Central Park