MoU signed with Lamda Development for the Elliniko investment
A new memorandum of understanding (MoU) has been signed between the Greek government and the Lamda Development investment venture for the Elliniko development on Tuesday.
The MoU includes many improvements on the original agreement, such as increasing the overall investment to 8 billion euros, completion of the investment in a shorter period of time and introducing a clause for to complete 80% of the investment within 12 years.
Aside from upgrading the beach and developing residential, recreational and hotel facilities in the areas, the investors will commit to financing and maintaining the metropolitan park on the site. An international tender for a casino license on site will be held at a alter date.
Following the signing of the agreement, the government expressed its satisfaction over the improved deal. Signing the MoU was one of the prior actions necessary for the completion of the bailout review.
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