The issuance of the excavation and foundation works permit for Panathinaikos stadium on Building Block 45 in Votanikos is a positive step for the realisation of the Joint Redevelopment of the area.
According to the law 3481/2006, 'Babis Vovos International Construction S.A.' has:
- Donated the greater part of its land plot on Building Block 45 to the Municipality of Athens, in order for the Panathinaikos stadium to be developed.
- Demolished the pre-existing industrial buildings with an above ground building area of 110,000 sqm, and
- Proceeded with its own development on Building Block 45a, of which is nearly 70% completed. The construction works were interrupted on December 4, 2008 due to the suspension imposed by the Council of State. The acquisition of the land plot from ETMA and Hellatex as well as the construction cost arising until the suspension amount to euro 154,420,000 as certified by Piraeus Real Estate.
BVIC has contributed significantly to enable the relocation of the stadium to Votanikos and, by extension, to render to the public the site on Alexandras Avenue where the stadium is currently located. The application of article 12 of the Law 3481/2006, on Building Block 45a owned by BVIC, is the legal foundation upon which the Group donated a portion of the land plot to the Municipality of Athens and demolished the existing industrial buildings. If this legal foundation is revoked, it will inevitably mean that the land plot upon which the stadium is to be developed will return to BVIC's ownership and will provide ground for compensation claims for additional losses.