YLP advises the MLAs of the Project Finance of the Hellinikon, Greece’s mega Athens Riviera development project

News & Works – YLP advises the MLAs of the Project Finance of the Hellinikon, Greece’s mega Athens Riviera development project

In Banking & Finance, Real Estate & PPPs

YLP advises the MLAs of the Project Finance of the Hellinikon, Greece’s mega Athens Riviera development project

Eurobank and Piraeus Bank have engaged Your Legal Partners and our colleagues at Alexiou & Kosmopoulos Law Firm to serve as primary legal advisers for the financing associated with the first phase of the companies’ investment in the Hellinikon project, the largest development project in Greek history. Your Legal Partners will primarily be responsible for legal due diligence and the security package.

The developers will convert a 620-hectare property on the site of the former Athens international airport into a complex including a marina, luxury residences, public parks, sporting facilities, exclusive shops and a casino. The purchase price for the shares from the Hellenic Republic Asset Development Fund is EUR 915 million, while the total project investment is estimated at EUR 8 billion.

The financing structure will include a facility to finance part of the development costs of Phase A of the project; two facilities to fund two special-purpose vehicles that would be set up as subsidiaries for the purpose of undertaking the design, construction, financing and operation of two shopping malls within the site of the project; and a standby facility for the purpose of collateralising and/or refinancing a letter of guarantee to be issued for the deferred purchase price of the shares. The aggregate amount of the facilities is expected to exceed EUR 1.3 billion.