Noval Property aims to build a portfolio worth 1 billion euros in the next period, having a current investment program of 340 million euros (capex).
According to CEO, Panagiotis Kapetanakos, the new investments underway combined with the existing portfolio of 571.242 million euros can lead to the achievement of the aforementioned goal.
He added that “the aim of the management is not only to increase the portfolio but also to increase the value of the company.”
Noval’s major work
Noval’s largest project is the redevelopment of the former industrial buildings of the Viohalco group (its main shareholder) at 248-252 Piraeus Street in Tavros and concerns the development of a complex cultural, commercial, business, residential and tourist hub, with an estimated total leasable area of 56,045 sq.m.
The above project, with a budget of approximately 167 million euros, has been designated as a strategic investment with the Presidential Decree that is necessary to be issued by the end of the year so that construction can begin in 2025.
In addition to the office complex with a total area of approximately 62,000 sq.m. in Marousi (The Grid Office Campus), which is under construction, it is reconstructing a five-storey office building with 2 basements, with a total area of approximately 6,678 sq.m. on 199 Kifisias St. and continues the construction work of a modern bioclimatic office building with a total construction area of approximately 21,000 sq.m. at 16 Heimarras Street also in Marousi.
Furthermore, it is reconstructing a building in Mets with a total built-up area of approximately 4,258 sq.m. with 2 basements. Offices with an area of 601 sq.m will be built on the ground floor and the mezzanine and residential apartments with a total area of 2,030 sq.m. on the three floors, which will be leased.
