Greek audit court unblocks sale of former Athens airport

A Greek audit court on Friday ruled the sale of the former Hellinikon airport  in Athens is legal, accepting the arguments put forward by the main investor, Lamda Development.

The same court had blocked the sale two months ago, arguing the tender terms violated the principles of transparency and equal treatment.

During the new discussion of the case, the court decided the project fulfills all the rules and accepted an appeal by the state privatisation agency, HRADF.

In March, HRADF picked Lamda Development, backed by China’s Fosun and Abu Dhabi-based property firm Al Maabar, to turn the 620-hectare land area into a luxury coastal resort.

The 915-million-euro deal to lease the property – which spans three times the size of Monaco – for 99 years is the country’s biggest privatisation deal since the financial crisis.

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