In the development of privately owned properties, mainly industrial or former industrial, in the acquisition or construction of new ones such as the Project in the former Kodak property and in the energy management of the portfolio.
It is noted that at this stage the portfolio of the REIC comprises 43 properties (42 in Greece and 1 in Bulgaria) which relate mainly to former industrial assets of the Biochalco group, located within the urban fabric in good locations and suitable for mixed use.
According to the company's management in a presentation of the issuance of a Green Common Bond Loan with a bond of € 120 million, the portfolio is expected to be further developed, which has stable and long-term leases, which predict the effects of inflation. According to Mr. Panagiotis Kapetanakos, Managing Director of Noval Property, depending on the type of property, the rental return varies, while the annual rent is approximately € 21.4 million.
Approximately 31% of the Bond will be used to finance the investment program and Noval intends to use bank lending and own funds, depending on the prevailing conditions, to finance the remaining part.
With regards to the investments of the existing portfolio that amount to € 231million, those refer to:
a) An office buildings complex under development on 10-12 Chimarras Street and Maroussi - Halandri Avenue in Maroussi (former Kodak property) with a total area of approximately 49,000 sq.m. and expected international certification according to LEED, through the company THE GRID SA (shareholder composition: 50% Noval Property, 50% Mavani Holdings Limited of the Brook Lane Capital group). Capital expenditures from THE GRID SA are expected for the period 2022-2025 for this project. approximately 48.7 million (77.3 million including the purchase price of the land, which is expected to be paid by the end of 2021), of which 50%, ie 24.4 million (38.7 million including the ratio on the purchase price of land), corresponds to Noval.
b) Under development urban redevelopment of the former industrial property (initial area approximately 72,500 sq.m.) at 252 Piraeus Street, which was included in the Strategic Investment scheme (Law 3894/2010) at the end of 2019, in mixed uses that are expected to include a combination of offices, hotels, homes, sports facilities and other uses, with expected international LEED / LEED Neighborhood Development or BREEAM Communities certification and adequate energy efficiency, a project for which capital expenditures of approximately 152 million are expected in the period 2022-2025.
c) Reconstruction of the building on Ardittou Street in Mets, with a total area of approximately 3,480 sq.m. in an apartment building and offices of expected international certification according to LEED or BREEAM, a project for which capital expenditures of approximately 8 million will be made in the period 2022-2024.
d) New office building under development on the property at 16 Chimarra Street in Maroussi, with a total area of approximately 20,175 sq.m. with international certification according to LEED, a project for which capital expenditures of approximately 22 million are expected in the period 2022-2025 (for the development of this new building, the two plots on Chimarras Street were acquired).
e) The conversion of former industrial properties with a total area of 22,200 sq.m. in logistics buildings of adequate energy efficiency, projects for which capital expenditures of approximately 10 million in the period 2022 - 2024 are estimated.
In addition to investments in its existing properties, Noval's investment program includes potential Green Investments in new properties for which due diligence has already been carried out or is being conducted, or contractual texts are being discussed, mainly in the categories of offices, tourist accommodation. , logistics and housing, with a total estimated amount of approximately € 85 million.
