Sale of old Athens Airport at low price is a bargain for Chinese billionaire and a massive real estate opportunity
Athens’ former airport Hellenikon was replaced in 2001 and since then the 6.2million square metre parcel of prime land has been fought over between those who wish to develop it and those who want to turn it into a park.
Despite Greece’s shortage of urban green spaces, it seems that the development supporters have won, with Chinese investment company Fosun International leading a winning €915 million bid for the parcel, which is the same size as New York’s Central Park.
Fosun, managed by China’s answer to Warren Buffet, Guo Guangchang, worth US$4.6billion, has been buying up bargains across Europe. Now it has teamed up with Greek real estate firm Lamda Development and Abu Dhabi developer Al Maabar to buy the parcel of land which includes more than two miles of coastline and an operational marina.
The Greek Government has been under pressure to sell the disused airport to ensure it meets the conditions of its bailout from the European Union. The developers will pay a third of the money now and the rest over ten years.
Greek property expert Ana Charmante told …read more