More than 90 million euros is the value of the investment launched in the office real estate market in the Amarusi area by Noval Property AEEAP of the Viohalco group. The company’s latest move includes the construction of a new green office building with an area of ​​9,300 m2, with an estimated investment of over 11 million euros, according to the information.

Within a week, the company started buying a land plot at the address: 43 Amarusiou Street – Shalandriu Street, with an area of ​​1,543 sq.m. (additionally there is a two-storey building with an area of ​​945 sq.m.) and a land plot with an area of ​​1093 sq.m. at the intersection of Amarousiou – Shalandriou and Fragkoklisia streets. Noval’s goal is to combine two properties into a single land plot with a total area of ​​2,636 sq.m. A new office building will be built on this site, which will be bioclimatic. It is worth noting that the acquisition of plots amounted to 2.42 million euros.

The goal is to create a portfolio of green buildings with a total area of ​​85,000 sq.m.

A few weeks ago, the company also purchased an existing 6,636 sq.m. office building at ul. Kifisias, 199. The property was owned by HELLENiQ Energy Holdings and was acquired as a result of a tender at a price of 11 million euros. Noval plans to refurbish the building and make it energy efficient, turning it into a state-of-the-art LEED-certified bioclimatic building.

Meanwhile, in the first months of 2023, the construction of a complex of green office buildings with a total area of ​​50,000 sq.m. will start. This particular investment is facilitated by a joint scheme (50%-50%) between Noval Property and investment fund Brook Lane Capital in the former Kodak property in Marousi, in particular at the intersection of Amarousiou – Chalandriou and Heimarra 10-12. The total investment is expected to approach 80 million euros, including costs for the purchase of real estate in early 2021, which rose to 28.5 million euros. At the same time, Noval is also planning the construction of another 20,175 sqm bioclimatic office building. at 16 Heimarras Street, in another private area. This is an investment of 22 million euros, which is expected to begin implementation within a year and be completed in 2025.

Once all four of these investments are completed, the Viohalco group company will create a total portfolio of green office buildings totaling over 85,000 sqm. in the wider Amarusi area, which is the backbone of the office market. The overall green building investment program launched by Noval Property is estimated to approach or possibly even exceed 350 million euros in the coming years. In this context, the company has raised liquidity in the amount of 120 million euros through related bonds issued about a year ago. At the same time, the company’s management is discussing which of the projects it is promoting can be financed by loans from the Recovery Fund.