Reshaping the City of Athens & Piraeus: Creating A New Quality of Life

Mr. Panagiotis Kapetanakos, Chief Executive Officer of Noval Property, stated that urban regeneration projects are successful when they maintain mixed uses in the area, are aesthetically and functionally integrated into the existing architecture, and provide equal access to all. Green Buildings, such as for example The Orbit and Butterfly buildings that Noval Property developed in Athens (LEED certified at Platinum and Gold level respectively) implement the principles of bioclimatic design by incorporating recycled materials, using renewable energy sources, installing energy saving systems, creating green rooftops and green walls, thus ensuring comfortable living conditions for their users with reduced energy consumption. 

Through its development projects, Noval Property aims to revitalize the life of the neighborhoods and introduce uses that attract visitors from other areas of the city. The River West shopping center benefits the adjacent area, which hosts mainly industrial uses, by supporting the local economy and offering an aesthetic upgrade. The regeneration of the Noval Property land on Pireos Street will be a mixed-use project and aims to create a metropolitan cultural center in synergy with the adjacent Foundation of the Hellenic World, Athens School of Fine Arts and Athens Festival.

Noval Property’s urban regeneration and green building projects attempt to intervene in parts of cities and aim at their environmental upgrading and overall urban-social-economic redeployment. They support the strategy of Municipalities, increase public space, upgrade urban environment, encourage the opening of private urban space to the public, implement efficient management of degraded buildings so that their reuse has a multiplier effect on the upgrading of cities. Finally, they aim to create a culture of effective cooperation with society and local government.


About Noval Property

Noval Property is the second largest Greek REIC (based on its real estate portfolio value). Noval Property’s real estate portfolio, which is comprised of 42 properties located mainly in Greece and selectively in Bulgaria, consists of office buildings, shopping malls, hotels and industrial buildings with a total built area of c.430,000 sqm. The valuation of its real estate, based on the values as of 31.12.2020, is 364.6 million Euros. Noval Property is a subsidiary of Viohalco in the real estate industry.

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