Noval Property REIC is completing investments totaling 114 million this year, in parallel with the completion of the major project of the redevelopment of the former industrial facilities of Viohalco on Piraeus Street, with a budget of 169 million euros.
According to the company’s management, the new office building in Marousi will be completed by the end of May (investment of 34.5 million euros).
The mixed development (25% offices and 75% apartments) on Ardittou Street (investment 11.5 million) will be completed by the summer, and the reconstruction of the offices at Kifissias Avenue in Maroussi, towards the end of the year.
Furthermore, the office complex The Grid in Maroussi will be delivered in the current year to its tenant, EY, which is being developed in collaboration with Brook Lane Capital (investment by Noval 55 million).
For the redevelopment on Piraeus Street, Noval is awaiting the issuance of the Presidential Decree (PD). According to the company’s CEO, Michalis Panagis, “the project, which includes hotels, residences, cultural uses, sports facilities, etc., will be largely completed in 2030, however, the start of construction depends on when the PD is issued.”
“We want to have a balanced portfolio and its diversification is at the heart of our strategy. We are also selectively examining investment opportunities in the residential real estate and hospitality sectors,” the head of Noval noted.
Regarding the course of the real estate market in 2025, the management of REIC stated that it is optimistic, adding that the demand for office and logistics leases in high-end constructions continues to be greater than the supply.
The fair value of Noval Property’s investment portfolio as of December 31, 2024 stood at 648.3 million, compared to 571.2 million a year ago, showing an increase of 13%.
Rental income amounted to 33.4 million euros last year, compared to 29.3 million (an increase of 14%) and earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) to 20.6 million, compared to 17.8 million euros (an increase of 16%).
