The Public Registration for its introduction begins tomorrow, Wednesday, May 29 to May 31 Noval Propertyof of VIOHALCO group at the Athens Stock Exchange.

Today, the minimum price range for the introduction of AEEAP shares will be announced, with the maximum set at 2.82 euros. The opening of trading of all securities on the board will begin on June 5.

As pointed out by Panagiotis Kapetanakosmanaging director of Novan Property, in a presentation of the company to journalists on the occasion of the start of the listing process on the Athens Stock Exchange, the company is in a dynamic phase of further development with an investment plan of 340 million euros until 2028 which is in full progress.

As Mr. Kapetanakos pointed out, during the presentation, the company specializing in real estate investment and development, having completed important investment projects to date, emphasizes quality and sustainable real estate for residences, offices, shopping centers, commercial parks, hotels and logistics with the aim of responding to the great demand that exists in the market for environmentally certified and energy efficient properties.

75% of its portfolio is income properties, of various categories, such as hotels, offices, malls, commercial parks, logistics, residential which gives an annualized return of 7.2% per annum and is almost fully leased with long-term leases . A comparative advantage is the fact that the specific income properties have been developed by the company itself, which shows its great experience and know-how in properties that create added value. The remaining 25% of Noval’s portfolio is properties under development, most of which are under construction, and this has so far delivered value to the company’s shareholders and will continue to do so, he added.

In particular, the company as presented has generated significant returns from the goodwill it adds to the properties it develops, since its inception to date. On 31 December 2023, the fair value of Noval Property’s portfolio of 61 investment properties and holdings amounted to 571 million euros, showing an increase of 55 million euros (11% increase) compared to the fair value of 30 June 2023 which was at of 516 million euros.

Noval Property specializes in redefinition and reconstruction of old buildings and urban renewals which he has found to deliver significant value growth. 1/4 of its portfolio is environmentally certified, including office buildings The Orbit in Athens, the Butterfly in Chalandri and the commercial park Mare West in Corinth, and this percentage will grow in the coming years.

Mr. Kapetanakos also emphasized the fact that the company has low debt, among the lowest in Greece and in Europe for similar companies, with a net leverage ratio of 27%. 2/3 of the lending is at a fixed rate and the average level of the lending rate is 3.9% with a very healthy capital structure. The company also distributes a dividend to its shareholders, as 50% of net profits are distributed as a dividend from its first year of operation as an AEEAP in 2019. The 2023 dividend compared to the 2022 dividend is 44% increased. The beneficiaries of the dividend will also be the new investors that will arise from the listing on the Athens Stock Exchange, since the decision on the dividend and its deduction will be taken at the Regular General Meeting that will be held in June after the entry to the Stock Exchange.

Mr. Kapetanakos said, among other things, that entering the Stock Exchange (it is mandatory for the company by law) gives the possibility to create an even better shareholder base, since in addition to VIOHALCO which is its strong shareholder, a shareholder will also be the European Bank for Reconstruction and Development (EBRD), as after the conversion of the bond loan, will find itself owning close to 1.25% of Noval Property.

As he pointed out, the participation of the EBRD is essential for the company, not only because of the participation of such an important long-term investor, but also because in addition to the equity position that the EBRD will have in Noval Property, the EBRD is the largest bondholder in the green bond that has successfully issued in December 2021.

Along with listing on the Stock Exchange, the company will have even more capital for investments. In more detail, as he said, at the end of 2023 Noval had 75 million euros in cash and in combination with the goal of raising 52 million euros from its listing on the Stock Exchange (together with the conversion of the EBRD) it will have 125 million available million euros to invest in the development of its own properties, but also to purchase properties from the market. 82% of the investment program concerns properties we already own and 18% are investment opportunities from the market.

Presenting the company’s investment plans in detail, he mentioned, among other things, the construction in a joint venture with Brook Lane Capital of the new office complex on the former Kodak plot in Maroussi, which will be completed at the end of 2025 and will be the largest environmentally certified office campus in Greece ( Half of the office spaces have already been leased to a multinational). The construction of the new office building on Heimarras Street in Maroussi is also underway, which is fully leased and its construction will be completed at the end of the year. In Marousi also at 199 Kifissias Avenue a building is being built which has been purchased and will be completed in 2025 and will be a low carbon footprint building. It is an office building that will be added to already important office properties such as The Orbit, in Kifisias, next to the Danaos cinema, which is characterized by its distinctive, futuristic architectural design.

He also mentioned the construction in Arditto Street in Mets of a mixed-use building for luxury residences and officeswith an unobstructed view of the Acropolis which is being completed at the end of the year, while one of the three floors of the residences has already been let.

He also mentioned the big project for her urban regeneration of Piraeus Street in a master plan by Foster + Partners. This year the licensing process is expected to be completed and from next year until 2028 its construction will proceed, turning the first factory of Viohalco since the interwar period, in a great neighborhood of art and culture next to the Hellenic Worldthe School of Fine Arts and Athens Festival.

According to data presented, Noval Property’s real estate portfolio consists of 61 properties, with an area of ​​343,000 sq.m. gross value (GAV) of 571 million euros on 31.12.2023.

The company had net asset value (NAV) 427 million euros at the end of 2023. In 2023, the company generated €29.4 million in rental income, had adjusted operating profit of €17.8 million and net profit of €65 million. (+164%). In 2023, it increased its rents by 18%.