Lamda likely to be the only suitor for Elliniko

By Vangelis Mandravelis

State sell-off fund TAIPED is at risk of receiving just one bid for the development of the former airport at Elliniko on Athens’s southern coast after sources suggested that Israel’s Elbit Cochin abandoned the tender process on Tuesday.

The second of the three shortlisted bidders, meanwhile, London & Regional Properties is said to have asked for an extension of four months on Thursday’s expiry of the deadline for binding offers.

If all this is confirmed, the only bid for the tender will come from Greek construction company Lamda Development, which is considered a frontrunner anyway, as it enjoys the support of major investment funds and of other groups. Lamda is also in cooperation with leading architectural firm Foster & Partners.

Elbit Cochin sent a letter on Tuesday to all TAIPED board members informing them of its decision to drop out of the tender. It also notified the prime minister’s office.

It argued that although it is ready to present an offer, it will not do so as it believes the draft contract for the sale of the Elliniko SA company is unclear is places and shows insufficient data.