The objective of Hellinikon SA is the administration, management and development of the land, premises and facilities of the former Athens Airport of Hellinikon and the seafront of Aghios Kosmas.
In July 2011, one month after the Board of Hellinikon SA was appointed, it became the sole administrator of the land. In the past, several facilities had been leased or given to various public and private entities. All contracts were automatically assigned to Hellinikon SA.
The Board of Hellinikon SA reinstates that the objective is the overall development of the site. Individual facilities are considered as temporary, except for few that have historic significance. Hellinikon SA considers the value of the site to be associated with the entire piece of the land and not associated with the facilities, regardless how recently were built. So, Hellinikon SA has decided that leases must be terminated in order to start the development.
However, as the sale of the majority of Hellinikon’s shares may take time, Hellinikon SA considers requests for extending current leases under new contracts, or leasing the existing facilities on the site for a short term as long as all the following conditions apply:
1Each facility will generate a significant positive income for Hellinikon SA, after all expenses are deducted, including maintenance and operations, security, utilities, insurance and the administration of Hellinikon SA.
2An exemption for non-profit organizations will allow for just covering all expenses, as stated above, but with a low income.
3All capital expenses, if any, will be paid by the lessee and will not be reimbursed