Noval Property participated in the 7th Sustainability Summit of the Economist Impact, which took place on November 20 and 21 at the Divani Apollon Palace & Thalasso Hotel, with the main topic: “How can sustainability foster global co-operation and peace?”

Noval Property was represented by Mr. Panagiotis Kapetanakos, CEO, who took part in a highly topical session, titled: “Creating a more sustainable and resilient future for smart cities in the region”. In the panel discussion also participated Haris Doukas, mayor-elect, City of Athens, Hugh Coughlan, vice-president, Association of Cities and Regions (ACR+), Dublin City Council and Lena Belsi, president, Federation of Recycling and Energy Recovery Industries and Enterprises (SEPAN ) and was moderated by John Andrews, consultant editor, The Economist.

In his speech, Mr. Kapetanakos presented how Noval Property approaches sustainability and resilience of buildings and cities, based on the extensive experience and expertise that it has gained from the projects it has implemented and continues steadily to implement. He cited River West, which is the largest urban redevelopment in Western Athens, Mare West in Corinth, and the upcoming Piraeus 252 project, as typical examples of urban redevelopment projects where the creation of “sustainable spaces” will stimulate and upgrade the various areas of the city. “We we have attempted to provide the community with more quality space, designed on their real needs.”

Then, speaking about the philosophy that defines Noval Property’s investment and development strategy, he noted: “Sustainability has been at the forefront of our activity since a number of years following the footsteps of our mother company Viohalco, a pioneer in sustainability megatrends and creating low carbon materials”. In addition, he stated: “Sustainability is and will continue to be the only reliable compass in a world that will never stop producing challenges, probably at an even faster pace going forward.  This is why at Noval Property we treat every investment, whether it is office, residential, retail or logistics, with the same approach, that is: Design and develop what is best for people and the environment and incorporate the best of technology, both in terms of construction, management and operation. We strive to make development meaningful and in this direction, in accordance with our strategy, we harmonize objectives relating to society, the environment and quality of life. We want growth that is considering climate change and shaping the built environment in a less intrusive way, with more respect for nature. It is therefore, in my view, quite fitting that our corporate slogan, which encapsulates our corporate culture is re:purpose growth”.

In the context of the discussion with the other distinguished speakers, Mr. Kapetanakos, in response to a relevant question, stressed that: “Today, sustainable buildings are the only way forward. You cannot compare a modern sustainable building with a conventional one. From our side, at Noval Property, we are progressing the reconstruction of an old and not in use office building on Kifissias Avenue in Maroussi. This is an extremely important project in terms of its environmental footprint, which we hope will become a pioneer in terms of the sustainability trends, as once completed, in 2024, it will be the first truly low-carbon at its operation office building in Greece.”

Athens, November 22, 2023

About Noval Property

Noval Property is the second largest REIC in Greece with a real estate portfolio which on the 30.06.2023 included 62 properties (one of which is owned through a joint venture with a real estate company) located mainly in Greece and selectively in Bulgaria. The portfolio is comprised of office buildings, commercial spaces, tourist properties and storage facilities covering a total built up area of approximately 470,000 sqm. The valuation value of the investment properties along with participations, on 30.06.2023, totaled approximately 516 million euros. Noval Property is the real estate subsidiary of the Viohalco Group.

For more information, please visit the company’s website: