CoS upholds IBC lease contract

A Council of State (CoS) plenum on Friday ruled that a long-term lease contract signed in August 2006 between Lamda Development and Olympic Real Estate S.A. for the International Broadcast Center (IBC), located in the Maroussi district of northern Athens, is legal.

The CoS plenum issued five rulings (414 – 418 / 2011) that upheld the 40-year contract, under which Lamda Development purchased the right to use the 53,853-sq.m. building that hosted the IBC during the Athens 2004 Olympic Games. The building today hosts a large and upscale shopping mall.

The local association of merchants, a cultural association and 28 private citizens had appealed to the CoS, requesting that the lease contract be declared null and void.