Noval Property: Toward the Stock Exchange

Within the second quarter of 2024 the second largest SNEA is expected to be introduced on the Athens Stock Exchange. As Noval CEO Panayiotis Kapetanakos announced, the value of 571m euros, managed to increase 164% in its net profits in 2023, having as a driving force the increase in its rent revenues. The subsidiary of the Biocalco Group runs a large development program that reaches 94,000 sq.m. and focuses on mixed-use properties, offices, logistics and residences. Noval already a few days ago delivered one of the six major projects running. The reason for completing the company’s first logistics project in Mandra Attica. It is a 10,000 sq.m. surface complex, leased by Seagull. The total investment amount was EUR 8 million. This property had come into the company’s possession in mid-2022, forming part of a portfolio of 21 properties acquired by the company. In the area of green offices where Noval is putting a heavy burden, the construction work of the new modern bioclimatic office building (by extension of existing property) continued in plots on Himarra 16 & Amarousi-Halandri. The building with four basements, total construction about 21,000 sq.m. seeks to receive LEED Gold certification at completion. At the same time, the preparatory work of Phase I in the existing six-story office building on L. Kifisia 199, in Maroussi, a total construction of about 7,000 sqm, which also seeks to obtain LEED Gold certification. However, the company’s largest project in green buildings is by far the complex of offices and shops, THE GRID, on Himarra 10-12 & Amarousi-Halandri, in the position “Shoros” in Maroussi. It is a project carried out together with BrookLane and the excavations and counter-option work has already been completed and on 28.12.2023, the construction contract with the Contracting Company TERNA was signed. This project in August 2023 joined the pillar of the green transition of the Recovery and Durability Fund. In this context, on 08.09.2023, THE GRID signed a new bond loan with Piraeus Bank, with the participation of the Recovery and Durability Fund, totalling up to 127m euros. In the phase of the licenses and waiting for the Presidential Decree there is also the great redevelopment in Piraeus, which is expected to be completed in late 2028. Finally, reconstruction work continues in the unfinished building, on Ardettos 40-42, in Mets. The four-story property with two basements, and a total construction of about 4,000 sq.m., using offices and residences, will seek LEED Gold certification and will be delivered within 2024. Kapetanakos even stressed the increase in the net value of the company, which on 31 December 2023 was 427.8 million euros or 3.98 euros per share, while on 31 December 2022 it was 365.9 million euros or 3.40 euros per share, with a 17% rise. Also reference was made to the significant rise of the company’s economic size. In particular, an increase of 18% showed revenue from rents for the year ending on 31 December 2023 and amounted to 29.3 million euros, compared with 24,9 million euros during 2022.