The list of Green investments that Noval Property aims to finance with the €120M bond issue
The funds from the new bond loan up to 120 million euros issued by Noval Property will be used to finance its investment program, but also in the repayment of existing loan obligations related to investments that the company has already made.
About € 17 million will repay existing distribution liabilities and the remaining up to € 98.39 million will be allocated for the development of the portfolio in projects that have already been launched but also in projects that are in the stage of exploratory discussions, mainly in the categories of offices. tourist accommodation, logistics and housing, with a total estimated amount of approximately € 85 million.
An amount of € 5.33 million (including interest) will be disbursed within 90 days from the Issue Date for the full repayment of its bond loan with EUROBANK from 23.07.2020. This loan is related to the completion of an office building in Chalandri, "THE BUTTERFLY" with LEED v4 for Core & Shell - Gold certification.
An amount of € 6.78 million (including interest) will be disbursed within 360 days from the Issue Date for the full repayment of the Issuer's 21,000.2015 bond loan with ALPHA BANK and an amount up to € 5.67 million (including interest) for the partial repayment of the 29.07.2014 Mutual Account with ALPHA BANK of total outstanding capital of € 9 million at the Date of the Prospectus. These loans are related to the construction of the commercial park "MARE WEST" in Corinth.
Ongoing projects include:
The complex of office buildings under development on 10-12 Heimarras 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), 50% of which, ie € 24.4 million (€ 38.7 million including the ratio on the purchase price of the land), corresponds to the Company.
The urban regeneration under development 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 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.
The 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 are expected in the period 2022-2024.
The new office building under development on the property at 16 Heimarras Street in Maroussi, with a total area of approximately 20,175 sq.m. with an expected international certification according to LEED, a project for which capital expenditures of approximately € 22 million are expected in the period 2022-2025.
The planned 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 are estimated in the period 2022 - 2024.