Greece revises Hellinikon Airport property deal

Greece has revised terms for the sale and long-term lease of the old Athens airport of Hellinikon, meeting the demands of international lenders who are now expected to unlock withheld bailout funds. Greece clinched an E915m deal for the site of the disused airport, which sits on prime beachfront land, in 2014. Under its terms, a consortium led by Lamda Development, a Greek developer, would own part of the Hellinikon property and get a 99-year lease to develop all of it. But divisions among local communities and technical hurdles delayed the sale. A mass influx of migrants since the beginning of last year has also impeded efforts to conclude the accord. Greece's privatisation agency HRADF and Lamda on Tuesday signed a memorandum of understanding which revises terms of the deal, they said. "By signing this new agreement for Hellinikon, the implementation of an investment which will leave its mark on the development of this country has taken its course," privatisation agency chief Stergios Pitsiorlas said.<br/>