The big projects driving Noval Property’s strategy in Marousi and Piraeus

At the centre of the company’s strategy is the landmark “The Grid” project in Marousi, while at the same time new investments totalling approximately €100 million are maturing and plans are advancing for the large-scale redevelopment of Viohalco’s first factory on Piraeus Street.

During yesterday’s presentation to institutional investors at the Athens Stock Exchange, the company’s management expressed optimism regarding growth prospects, despite the technical challenges and delays affecting some of its key projects.

Noval’s biggest undertaking at present remains “The Grid”, the new bioclimatic office complex being developed on the former Kodak property in Marousi, in partnership with BrookLane Capital. The project is considered one of the most significant next-generation office developments in Athens, with a total surface area of approximately 62,000 sq.m., designed by Foster + Partners and targeting LEED Platinum certification.

However, the development has not progressed without obstacles. According to the company’s management, significant technical difficulties have emerged mainly in relation to the buildings’ façades, as the installation of the specialised panels requires highly skilled crews and specialised cranes sourced from abroad, primarily from Slovenia and Romania. Additional challenges have also arisen regarding the electricity grid connection through HEDNO, as the project ultimately requires connection to a more distant substation, affecting the project timetable.

These delays are also pushing back the relocation of the project’s anchor tenant, EY Greece. While the move had initially been scheduled for the end of 2026, the company is now expected to relocate in early 2027. EY has already committed to approximately 50% of the complex under an agreement announced in 2024.

Despite the revised timelines, Noval remains confident in the project’s momentum. Management noted that leasing activity is progressing positively, while exclusive negotiations are already underway for approximately 6,000 sq.m. with prospective tenants. In total, around 12,000 sq.m. remain available, with demand mainly coming from large companies seeking unified, high-specification office spaces — a category of assets that remains limited in the Greek market.

“The Grid” is considered a flagship development for the company not only because of its scale, but also because it reflects the market’s broader transition toward “green” and energy-efficient office buildings. Construction of the project has been assigned to TERNA, with a total budget approaching €96.5 million.

Particular interest also surrounds Noval’s relationship with BrookLane in the project. Management dismissed speculation regarding a problematic partnership, while confirming that the possibility of acquiring BrookLane’s stake is being examined under certain conditions. As noted, BrookLane operates as an investment fund, meaning that at some stage it may seek to exit the investment.

At the same time, Noval is preparing its next major step: the redevelopment of Viohalco’s first factory on Piraeus Street. This highly ambitious mixed-use project, with an estimated cost of around €250 million, is expected to reshape the wider area. According to management, the presidential decree is expected to be issued in autumn 2026, while construction is projected to commence in 2028.

Meanwhile, the company continues to invest in the retail sector. River West continues to record strong footfall, with management expressing confidence regarding the impact of international uncertainty and economic slowdown on consumer spending. The potential expansion of the shopping centre also remains under consideration, although discussions with neighbouring property owners are described as complex.

Special reference was also made to Ardittos House in Mets, the mixed-use residential and office complex that has already been completed. Despite its high construction standards and strategic location, occupancy remains at approximately 60%, which management attributes to the highly specialised target audience of the property. Noval acknowledged that it has proceeded with reductions in asking rents in order to accelerate the absorption of the remaining available spaces.

At the financial level, the company estimates that rental income will increase to €41–43 million in 2026, compared to approximately €38 million today, with a significant portion of the increase expected to come from new leases and the completion of projects currently under development. The fair value of the portfolio is approaching €700 million, while net asset value (NAV) stands close to €550 million.

With approximately 16% of its portfolio consisting of properties under development and additional projects continuing to mature, Noval appears determined to further strengthen its position in the Greek real estate market by investing in modern, sustainable, and high-specification assets that meet the evolving demands of the market.