During 2022, Noval Property has recorded a significant increase in rental income. In particular, it increased by 33.7%, to around 25 million euros, with the increase due to the integration of rents from new investments, for example, for example, the expansion of the River West commercial center. Adjusted EBITDA was €12.8 million compared to €9.7 million in 2021, an increase of €3.2 million (32.8%).

The fair value gain on investment property for 2022 was €18.2 million compared to €27.5 million in 2021.

Net income for the year ended December 31, 2022 was €24.5 million compared to €35.2 million for the period ended December 31, 2021, mainly due to lower fair value gains on investment property cost.

Cash on hand at 31 December 2022 was €88.3 million compared to €129.1 million at 31 December 2021, reflecting the gradual use of funds raised from Noval Property’s green bond issue in December 2021 ., in capital expenditures for the acquisition and development of real estate. property.

“2022, despite difficult conditions as a result of the Russia-Ukraine war and the subsequent rise in inflation and interest rates, resulted in a significant increase in revenue and internal book value and the achievement of significant profits and brought the fair value of investment properties and assets of Noval Property closer to 500 million euros,” said Noval Property Managing Director Panagiotis Kapetanakos.