30 Jul 2026
Noval Property expands portfolio value to €707M
- RE+D Magazine
Noval Property recorded higher rental income, improved operating profitability and a further increase in the value of its investment portfolio during the first half of 2026.
The REIC reported net profit of €18 million, while the fair value of its investment portfolio reached €706.9 million as of 30 June 2026, representing a 2% increase compared with the end of 2025. Net Asset Value (NAV) also rose by 2% to €563.6 million, or €4.47 per share.
Rental income increased by 17% year-on-year to €20.6 million, compared with €17.7 million in the corresponding period of 2025. The increase was primarily driven by the contribution of properties completed in 2025, new lease agreements, lease renewals on improved commercial terms, and stronger trading performance by tenants operating in the company’s retail properties.
Adjusted EBITDA (a-EBITDA) rose by 21% to €13.3 million, while Funds from Operations (FFO)—the key indicator of a REIC’s recurring operating performance—increased by 38% to €9.6 million, mainly reflecting the higher contribution from rental income.
On the investment front, the company completed and delivered the new K199 bioclimatic office building on Kifisias Avenue in Marousi. The first tenant took occupancy in February, while management aims to achieve full occupancy of the property by the end of the year. During the second half of 2026, the company’s priorities include completing The Grid, its flagship office complex in Marousi, continuing the upgrade of its existing portfolio, and evaluating new investment opportunities.
Noval Property’s cash and cash equivalents stood at €45.5 million at the end of June, compared with €47.6 million at the end of 2025, while total assets amounted to €776.9 million. Shareholders’ equity increased to €563.6 million, with net debt remaining at manageable levels.
Management remains optimistic about the remainder of the year and reaffirmed its guidance for full-year 2026, forecasting rental income of €41.5-43.5 million, adjusted EBITDA of €28-30 million, and Funds from Operations (FFO) of €20-22 million.
Noval Property also announced that its reviewed Interim Financial Report for the period from 1 January to 30 June 2026, together with its Investment Schedule as of 30 June 2026, will be published on 14 September 2026.