Lamda Development’s final offer for the exploitation of Elliniko stands at 915 million euros

The HRADF announced that Lamda Development responded to the request for improvement of its initial offer and today tabled an improved offer of 915 million euros for the acquisition of 100% of the shares of Elliniko SA.

33% of this amount will be paid upon completion of the agreement and the rest within 10 years in accordance with the terms of the contract. The company filed a clearly improved price, over 25% of its initial offer, and exceeds the valuation of the independent valuer (American Appraisal).

Additionally, the company will undertake entirely the cost of 1.25 billion euros for the implementation of the necessary infrastructure regarding the Unified Metropolitan Park.

The offer is binding the company with letters of guarantee for payment of the price and penalty clauses for investments of at least 5.7 billion euros. The price does not include the participation of the Greek state with 30% on the future profits of the investor, if the cumulative return of the investment (IRR) exceeds 15%.

As a next step and in accordance with the procedure, the Financial Advisors (Citigroup, Piraeus Bank) with the assistance of HRADF’s qualified adviser, Happold Consulting, will proceed in assessing the fairness opinion on the final binding financial offer (fairness opinion) of Lamda Development, based on internationally accepted procedures and evaluation standards.

Taking into account all the above as well as the recommendation of the expert committee, the HRADF Board will decide at its next meeting in the coming days whether or not there will be a preferred investor.