It is also the latest step made by Fosun after a series of purchases in Europe by the Shanghai-headquartered company. In January, Fosun won the bid to purchase an 80 percent stake in Caixa Seguros, Portugal's largest insurance group. In March, it announced the acquisition of the entire equity interests in German private bank BHF-BANK.
In March, Hellenic Republic Development Fund, Greece's privatization agency, announced that it had received a 915-million-euro ($1.27 billion) offer from a bidding group led by Lamda for the project at Hellenikon. Apart from Fosun, the group also includes an Abu-Dhabi-based real estate company, Reuters reported.
The group will invest a total of 5.7 billion euros in developing the entire project, and will be responsible for the extra 1.25-billion-euro infrastructure construction. The internal return rate for the investment is projected to be 15 percent, but 30 percent of the profits must be returned to the Greek government. The project will also generate 2 to 3 billion euros in value added tax and 1 billion euro in business tax.
Earlier reports said Fosun made its first contact with Lamda at a forum in Shanghai last year, which was attended by a Greek business delegation including Stelios Stavridis, president of HRADF, and Guo Guangchang, chairman of Fosun Group.
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