Eurobank SA and Piraeus Bank have engaged Your Legal Partners and AKL Law Firm to serve as legal advisors for the financing associated with the first phase of the companies’ investment in the Hellinikon project, the largest development and investment project in Greek history. The firm is primarily responsible for the legal due diligence and the security package required for the initiative.

Greece’s mega project 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 €915 million, whilst the total investment is estimated to be €8 billion.

Your Legal Partners and AKL Law Firm acted as joint legal advisors to the Mandated Lead Arrangers, Eurobank and Piraeus Bank, in the complex €347 million standby financing that collateralizes the letter of guarantee for the acquisition of 100% of the shares in Hellinikon S.A. by Lamda Development S.A. from the Hellenic Republic Asset Development Fund.

We currently work in the second phase of the project as joint legal advisors to the Mandated Lead Arrangers, Eurobank and Piraeus Bank for the financing of part of the development costs of Phase A of the Project as well as in relation to two facilities to fund two special-purpose vehicles that would undertake the design, construction, financing and operation of two shopping malls within the site of the project. As this is one of the largest Greek law financings ever, the documentation is complex, demanding and includes specific, detailed components that must be delivered almost simultaneously with due diligence reports across several phases of financing.