Aeroplane in Flight

WFW advises the Hellenic Republic Asset Development Fund on the sale of its shareholding in Hellinikon S.A.

31 October 2012

Watson, Farley & Williams (WFW), a leading international law firm, is advising the Hellenic Republic Asset Development Fund (HRADF) on EU and international regulatory and other issues relating to the sale by HRADF of its shares in Hellinikon SA.

Hellinikon owns the rights to develop the former Athens airport site, a prime real estate asset with a total area of around 6,200,000 sq.m., by the seafront close to Athens city centre and the port of Piraeus.

The site’s size and location present unique urban regeneration and development potential for establishing a mixed-use landmark location, with international appeal and recognition. Its development will enhance Athens’ attractiveness both as a tourist and business destination, while the construction and operation phases will generate much-needed employment. Expressions of Interest have already been received from international real estate developers.

HRADF is a Greek fund for the development and exploitation of assets in Greece, and of assets owned by Greek companies. The transaction signals the acceleration of the Greek privatisation programme, which is a condition of the Greek bailout. The European Union, European Central Bank and International Monetary Fund want Greece to sell €19bn worth of state assets by 2015.

In July 2012, WFW won the tender as international advisor to the Greek state on international and EU regulatory issues relating to the share sale. The lead partner is London-based head of the Competition & Regulation department, Emanuela Lecchi, assisted by Virginia Murray and her team in Athens.