How Noval Property will become the “queen” of Maroussi – New investments and acquisitions of 316 million euros

The public offer for the issuance of the Green Common Bond Loan of Noval Property of the Viohalco group starts today, November 30 and will end until Thursday, December 2.

Through the € 120 million, seven-year bond, the second largest real estate investment company (AEEAP) is expected to finance 31% of its € 316 million investment program, focusing on green investments. After all, the company has already committed to the ESG authorities, with 21% of its portfolio, the value of which is expected to exceed 700 million euros in the coming years.

It should be noted that Noval Orbit office building is certified with Leed Platinum while Butterfly office building is certified with Leed Gold. Both meet bioclimatic design principles, use recyclable materials, install energy-saving systems and ensure reduced energy consumption.

Listed on ATHEX by October 2022

The obligation of Noval to have been listed on the Athens Stock Exchange by October 2022, will be fulfilled, as mentioned yesterday by the management in the presentation of the company, with whatever positive this could mean for the bondholders. Moreover, according to the terms of the bond loan, the revocation or loss of the company’s operating license as an AEEAP, for any reason, constitutes an automatic termination.

80,000 sq.m. offices in Maroussi

Based on the investment program, as reflected in the bond prospectus, by 2025 the real estate subsidiary of the Viohalco group will have almost 80,000 sq.m. office space in Maroussi.

Read also: Noval Property – The real estate categories in which it will invest 316 million euros

Specifically, the construction of a complex of office buildings on 10-12 Heimarras and Maroussi – Chalandriou Avenue in Maroussi (former Kodak property) with a total area of ​​approximately 49,000 sq.m. The project will be implemented through The Grid, which is 50% controlled by Noval Property and 50% by Mavani Holdings Limited (owned by Brook Lane Capital).

For this project, the period 2022-2025 is expected to bring capital expenditures by The Grid amounting to approximately 48.7 million euros (77.3 million euros including the purchase price of the land, which is expected to be paid by the end of 2021 ), 50% of which, ie EUR 24.4 million (EUR 38.7 million including the proportion of the purchase price of land), corresponds to Noval.

It is recalled that in February this year, under a relevant tender, the area of ​​the former Kodak property was awarded to the Noval-Brook Lane consortium.

The consortium offered 28.6 million euros and by the end of 2021, Noval estimates that the transfer process will be completed.

Also in 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. investments of 22 million euros are expected in the period 2022-2025.

The new office building will be constructed on plots acquired by the company within two days.

On April 5, 2021, the company acquired a plot of land which is located on Chimarras Street of the Municipality of Maroussi with a total area of ​​1,635.29 sq.m. The acquisition cost € 1.27 million and was financed through a bank loan.

Another plot of land with a total area of ​​262.89 sq.m., also on Chimarras Street, was acquired on April 6, 2021. The transaction price amounted to 225 thousand euros and was financed through a bank loan.

In addition, the company’s portfolio includes offices in 33 Maroussi Chalandriou (total area 4,086 sq.m.), in Chimarras 16 (total area 24,948 sq.m.), as well as in the Olympic Tsiklitira 41 and Konstantinos Karamanlis 67 (total area 1,665 sq.m.).

Logistics and mixed uses

The investments also include the urban regeneration of the former industrial property (initial area 72,500 sq.m.) at 252 Piraeus Street, which was included in the Strategic Investment scheme at the end of 2019, in mixed uses that are expected to include a combination of offices, hotel, homes , sports facilities and other uses, with expected international certification LEED / LEED Neighborhood Development or BREEAM Communities. Capital expenditures of approximately 152 million are expected for this project in the period 2022-2025.

Like the reconstruction of the building on Ardittou Street in the Mets area, 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 euros are expected in the period 2022-2024.

Finally, the 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 euros are estimated in the period 2022 – 2024.

Acquisitions of 85 million euros

In addition, as noted in the corporate presentation, the company is already in discussions for the acquisition of other properties, while in some cases the procedures with due diligence have already proceeded. The value of the new properties (offices, tourist accommodation, residences and logistics properties) amounts to 85 million euros.

The Viohalco group is not the main tenant

The main tenants of the company’s real estate on 30.06.2021 on the basis of the Annualized Lease are the following: Housemarket SA 22.4%, subsidiaries of Viohalco 17.8% and ZEUS INTERNATIONAL SOCIETE ANONYME HOTEL AND CONSTRUCTION COMPANY 9.2%. The lease agreement with Housemarket SA (IKEA) expires in 2033.