Greece approves Abu Dhabi offer for USD1.2b property deal

(MENAFN) Greek announced it has approved an offer of USD1.2 billion by Lamda Development, a company backed by Abu Dhabi-based and Chinese firms, to acquire a prime seaside property at the abandoned Athens airport of Hellenikon, Arabian Business reported

The sale of the property, currently owned by privatization agency HRADF, is expected to become the biggest privatization deal made in Greece since the country began dealing with its debt problems.

Despite getting the Greek's government approval, the sale could take up to two years for it to be completed until a series of approvals could be obtained.

Since beginning the privatization process in 2011, Athens has signed privatization deals worth USD6.2 billion and aims to reach USD11.95 billion in accumulated proceeds by the end of 2016.