Noval Property REIC (a subsidiary of Viohalco) expects increased figures for this year as a result of the active management of its real estate portfolio and its new developments that are gradually being completed.
As its CEO, Michalis Panagis, said during the company’s presentation, rental income is estimated to range between 36-38 million euros in 2025, from 33.4 million in 2024, Operating Profitability (EBITDA – earnings before interest, taxes, depreciation and amortization) at 22-24 million euros from 20.6 million and funds from operating activities at 12.5-14.5 million from 10.9 million euros.
The head of Noval stated that he was satisfied with the company’s leases, saying that their average duration is 10.5 years, as well as with the 14% increase in total rental income last year, which came only from the active management of the portfolio without the addition of new properties.
The main real estate categories in which Noval operates are offices, shopping centers and logistics, with an average yield of 7.3%. Its management did not rule out operating in new categories such as student residences and serviced apartments. As stated, 10 new projects are currently being considered.
As a successful example of active management, Panagis mentioned River West, which recorded a 10% increase in traffic last year (6 million visitors) and 15% in the turnover of its stores. As he said, “at River West we started leasing from 17 euros per sq m. per month in the last decade and with the new agreements we have reached a price of even 90 euros per sq m, while the building upgrade is planned within 2026.”
The expansion of the Mare West shopping center outside Corinth, which last year had 2.5 million visitors, is also being considered.
