Noval Property participated once again at Prodexpo’s premier annual conference. The main themes of this year’s event, which took place on 25 and 26 October at the Megaron Athens Concert Hall, included the development dynamics that the real estate market adds to the Greek economy, as well as the future challenges that the sector faces, especially in terms of sustainable development and digital transformation. Noval Property was represented at the conference the Panagiotis Kapetanakos, Chief Executive Officer and Jennie Mourousia, Chief Investment Officer.

Mr. Kapetanakos, along with other distinguished speakers, was a participant on the conference’s opening panel which discussed “Is the real estate market the driving force for the Greek economy?”. During his speech, Mr. Kapetanakos stressed the significant benefits that a real estate investment company reaps from possessing a high-quality diversified portfolio as well as developing environmentally certified properties. “At Noval Property, we are active in various sectors, focusing particularly on those with promising prospects. We place a great emphasis on the life cycle of each building with the overriding aim that our investments are resilient, timeless and flexible in terms of their use”. In addition, he stressed the importance of continuous development focusing on sustainability and reciprocity in local communities, noting that “the market is now looking more intensely at buildings of low carbon footprint. It is imperative that we follow these trends and evolve together with the rest of the world. In light of the emerging trends, we are presently reconstructing an innovative office building located on Kifissias Avenue, which will have the lowest carbon footprint at its operation in Greece”. At the same time, Mr. Kapetanakos stressed the importance of a strong capital structure, especially in the times we are going through due to the challenges that companies face taking into account the present challenging economic environment.

Ms. Mourousia on her part participated on the panel which asked: “Green Logistics. Why Does It Matter?” together with other executives from the real estate sector, where the significance of “green” logistics was discussed for the first time at this conference. Ms. Mourousia expressed the fact that although demand for certified green warehouses is extremely high, for the time being, rents cannot be accurately determined for such facilities as the availability of certified green warehouses is quite low. She went on to illustrate how demand for such properties has increased, citing Noval Property’s logistics building currently under development in Mandra, Attica, as an example. The facility which upon completion within the year aims at receiving LEED Gold certification, was leased as early as when construction for it began. In terms of optimum tenants, she stated, “the key prerequisite when selecting a tenant is based not only on financial but also on sustainability criteria. In other words, the tenant needs to be committed throughout the duration of the lease to operate in accordance with sustainable practices, such as the use of electric vehicles, promoting recycling, as well as proper waste management.”

About Noval Property

Noval Property is the second largest Greek REIC. The investment property portfolio of Noval Property, which comprises 62 properties (1 through a participation in a real estate company) mostly in Greece and selectively in Bulgaria, includes office buildings, shopping centres, hospitality assets and warehouses of total built area of approx. 470.000 sq.m.. The fair value of the investment property and participations portfolio amounted to EUR 516 million as of 30.06.2023. Noval Property is a subsidiary of Viohalco in the real estate sector.

For more information, you may visit our web site