During the presentation of financial results to the Hellenic Fund and Asset Management Association, Noval Property's management announced that the office buildings at 16 Cheimaras Street and 199 Kifisias Avenue are nearing completion, while the mixed-use development on Arditou Street has already been delivered.
The company plans to introduce 25,000 sqm of office space to the market in 2024, with a total of 40,000 sqm expected to be delivered by 2027, out of an anticipated 240,000 sqm in the office market.
For the current year, Noval expects rental income to range between €36 million and €38 million, with operating profit between €22 million and €24 million, and funds from operations between €12.5 million and €14.5 million, an increase from €10.9 million last year.
CEO Michalis Panagis reaffirmed the company’s goal to build a portfolio valued at €1 billion by 2030.
Key projects due for completion by year-end include the office buildings on Cheimaras Street, leased to Viohalco Group companies, and offices at the former Hellenic Petroleum property on Kifisias Avenue, which will soon secure a significant lease agreement.
By the end of 2025, the remaining 50% of the “The Grid” office complex at the former Kodak site in Marousi—developed in a 50/50 joint venture with Brooklane—will be completed, with the property entering the market in 2026, anchored by Ernst & Young (EY).
The company’s flagship project is the redevelopment of the Piraeus Street industrial property. According to Mr. Panagis, Noval is awaiting the Presidential Decree, with the project expected to begin between 2028 and 2029. Permits have been secured for a mixed-use development that will include office, residential, hospitality, retail, and cultural spaces.
In terms of shopping centers, Mr. Panagis highlighted plans for further development of River West in Kifisos and Mare West in Corinth. River West achieved a 10% increase in foot traffic, reaching 6 million visitors in 2024, along with a 15% rise in store sales. Rental rates have surged from €17/sqm to €90/sqm, with building upgrades slated for completion by 2026.
For Mare West, which saw 2.5 million visitors, expansion plans are in place due to available space and strong tenant interest in the area.
