Hellinikon Global I S.A., the highest bidder for the former airport of Helliniko, south of Athens, may proceed through the privatisation process, according to the Court of Audit by a unanimous and irrevocable ruling, state news agency ANA-MPA reported.
In its decision, the Court's majority panel discussed an injunction filed in December 2014 by the Region of Attica and residents' groups. They were protesting a decision by a Court section, which had ruled that the tendering process was legal and that Lamda Development S.A., the guarantor of Hellinikon Global, had won as highest bidder.
In the project, Lamda Development, is backed by China's Fosun and Al Maabar, a unit of Abu Dhabi's sovereign fund Mubadala Development.
The 7-billion-euro plan to develop Hellenikon, a 620-hectare (1,520 acre) plot, is one of Europe's most ambitious real estate projects and Lamda has said it will take some 15 to 20 years to complete once construction begins in 2016 after all legal permits are secured.
ANA-MPA, Reuters
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