The fair value of Noval Property’s real estate portfolio stood at 609 million at the end of the first half, up 7% compared to the end of 2023.
The investment company, in which the Viohalco group directly owns 61.8% and indirectly 7.5%, has five projects underway, two of which are being completed this year and will start generating revenue from 2025.
Noval CEO Panagiotis Kapetanakos announced that the development of a four-storey property in the area of Mets is expected to be completed this year. This is an investment of 10.2 million euros.
Another investment, worth 32 million euros, which is expected to start generating revenue is located at the municipality of Maroussi.
Noval’s office building at Kifissias Avenue, an investment of 13.2 million euros, as well as the large building complex “The Grid” in Maroussi, will be completed in 2025. In the latter, Noval’s participation is 50% and its investment amounts to 55 million euros. Its partner is Brook Lane Capital. The lease of 47% of the office complex to EY has already been announced and negotiations are underway for the rest.
Regarding its biggest project, the renovation of the former industrial premises of the Viohalco group on Piraeus Street, an investment of 169 million euros, Kapetanakos noted that “we are expecting the presidential decree in the coming months so that next year we can proceed with the building permits and the construction works.”
The CEO characterized the dispersion of the company’s portfolio as healthy and added that 22% of it concerns buildings with sustainable features. Noval’s largest tenant based on annual rental income is the IKEA chain (17%), followed by the Viohalco group (13%) and Zeus International (10%), which manages the Wyndham Grand hotel, owned by Noval in Karaiskaki Square.
