A portfolio in excess of €500 million is expected to be held by Viohalco Group’s Noval Property AEEAP by the end of the year, strengthening its position as the second largest company in the sector after Prodea Investments (€2.5 billion). . According to the relevant data published by the company, at the end of 2022, the fair value of its portfolio of 62 properties was 486.4 million euros, an increase of 73.1 million euros or 17.7% year-on-year. It is recalled that Noval is expected to begin the process of listing its shares on the Athens Stock Exchange in the second half of 2023, seeking an extension until 15 October.

During 2022, the company added a total of 21 new properties. Of these, three were acquired through purchases, such as the HELLENiQ Energy Holdings office building on Kifisias Street in Marousi, while the remaining 18 were added to Noval’s portfolio through a capital increase through an in-kind contribution. This is mainly land and real estate received from legal entities and companies associated with the parent company Biohalco. Part of this property will be used to expand the company’s logistics business, as other properties contributed to the company’s assets include a 25-acre site in Mandre, which contains an abandoned industrial warehouse, as well as an unplanned 28-acre site in Magul. In particular, in the Mandra area, it is planned to develop a logistics center with an area of ​​20,000 sq.m. At the same time, Noval is planning a more active entry into the luxury apartments and houses sector, mainly with a focus on tourism use and use.

During this period, Noval management has implemented a number of projects for the reconstruction of existing buildings and the construction of new ones. For example, in Metz, on Ardittu Street, the company is renovating a 4,285 sq.m building, which is going to be converted into a multifunctional office and residential complex, which will be leased on the basis of long-term contracts. The office building purchased in Marousi at 199 Kifisias Street is also being reconstructed. The property has an area of ​​6,636 sq.m. it was purchased for €11 million and is subject to energy upgrades and refurbishment. The work is expected to be completed during 2024.

At the same time, Noval has three other important projects in the office market. The largest of these is located on Heimarras Street, formerly owned by Kodak. The company, together with Brook Lane Capital, is starting construction of a complex of two independent office buildings with a six-storey superstructure, with a total area of ​​61,000 sq.m. (including basements). The total investment, together with the acquisition of real estate, will exceed 80 million euros at the beginning of 2021. The project has started and is expected to be completed by the end of 2024.