The Transaction remains subject to certain conditions and is expected to fund in Q1 2024.

Noval Property continued the active management of its income producing assets, as well the development of other assets of its portfolio, mainly in the office, logistics and residential sectors.

The changes in the law also provide for a 30% discount on the purchase of the property.

The minister stated that the limits on property transactions were no longer necessary in the current economic and market conditions.

Proforma results

The group has been incorporating in the hotel industry since 1993, particularly specialised in the hospitality sector and focuse in detail.

The estimated budget for the construction of 75 sqm residences, which will cover an area of 700+ sqm, is approximately 1,400,000 euros.

After the project implementation, there will be no need for time-consuming searches of paper files.