The $720 mln rights issue by Lamda to start work on Athens’ Hellenikon project gives a boost to PM Kyriakos Mitsotakis, who championed the development. It’s a far better gauge of confidence in Greece than sovereign debt yields, writes CGAThompson:
Greece’s Lamda Development announced plans to raise up to 650 million euros on Oct. 10 to begin work on an 8 billion euro development of luxury homes and offices at a disused airport site in Athens next year. The Athens-listed property company has offered shareholders a price of 6.70 euros per share, representing a 5% discount to the theoretical ex-rights share price of 7.06 euros.
The former Hellenikon airport, a sprawling site of disused runways, terminals and venues used for the Athens 2004 Olympics, has been abandoned for almost two decades. The project, part of a post-bailout agreement between Greece and its lenders, has faced several hurdles in recent years. But a newly elected government has expedited plans, including a tender for a casino resort at the site.
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