Noval Property REIC (a subsidiary of Viohalco) is anticipating growth this year due to proactive management of its real estate portfolio and the gradual completion of new developments.
CEO Michalis Panagis highlighted during the company presentation that rental income is projected to reach between 36 and 38 million euros in 2025, up from 33.4 million euros in 2024. Additionally, operating profitability (EBITDA) is expected to rise to 22-24 million euros from 20.6 million, and funds from operating activities are forecasted to increase to 12.5-14.5 million euros from 10.9 million euros.
Panagis expressed satisfaction with the company’s leasing performance, noting an average lease duration of 10.5 years, along with a 14% increase in total rental income from last year, achieved solely through active portfolio management without new property additions.
Noval primarily operates in the office, shopping center, and logistics sectors, boasting an average yield of 7.3%. The management team is also exploring opportunities in new sectors, such as student housing and serviced apartments, with 10 new projects currently under consideration.
As a notable success story of active management, Panagis cited River West, which saw a 10% increase in foot traffic last year (totaling 6 million visitors) and a 15% boost in store turnover. He noted that leasing began at 17 euros per square meter per month a decade ago, with current agreements reaching up to 90 euros per square meter, alongside plans for a building upgrade by 2026.
The potential expansion of the Mare West shopping center outside Corinth, which attracted 2.5 million visitors last year, is also on the agenda.
