Noval Property acquires 100% of the River West shopping centre and the IKEA hyper-market located on Kifissos Avenue, while The Orbit receives the first building certification according to Leed v4 for Core & Shell at Platinum level in Greece
Αthens, 10 Νovember 2020
Noval Property announces the completion of the merger by absorption of METEM S.A. Metal Trading and Investments in Real Estate Societe Anonyme (hereinafter referred to as “METEM”).
As a result of this merger, Noval Property, as the universal successor of METEM, automatically becomes – from October 30, 2020 – the owner of all METEM properties, whilst also assuming all of METEM’s rights and obligations. Additionally, as a result of the above merger, Noval Property acquires full ownership of the River West shopping center and the IKEA hyper-market located on Kifissos Avenue (previously, Noval Property owned 54.428% of the undivided share of these properties).
It is noted that through the merger, the value of Noval Property’s real estate portfolio is now set at 349.1 million Euros pro-forma based on the real estate values as of 30.06.2020. Updated real estate appraisals will take place on 31.12.2020.
At the same time, Noval Property, true to its commitment to developing green buildings with the lowest possible environmental footprint, announces that The Orbit office building located at 115 Kifissias Avenue has been LEED v4 certified for Core & Shell at Platinum level, and is the first project of its kind to receive this certification in Greece.
The LEED certification comes at a time when both intensifying climate change and the pandemic are creating the need for sustainable, resilient buildings offering healthy workplaces. With the LEED application, the building has achieved optimal energy efficiency along with water usage minimization. In addition, an extensive commissioning program of the electromechanical systems was implemented in the project to ensure for their proper and efficient operation. The building’s interiors are of high quality, due to conditions that significantly affect user satisfaction, such as the increased supply of fresh air, natural light, outside views as well as the use of non-toxic paints and coatings. The optimal environmental management of the construction site and the use of environmentally friendly materials – noting that a significant amount of the materials used were recycled and were manufactured or mined within close distance of the Project – also contribute significantly to mitigating the building’s environmental footprint.
Overall, the implementation of the LEED certification has contributed significantly to reducing The Orbit’s operating costs, along with creating added value, defining a framework that helps increase its productivity of the building’s users whilst ultimately aligning the property with the new requirements posed by the global real estate market.
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 pro- forma valuation value of its real estate based on the values as of 30.06.2020 is 349.1 million Euros. Noval Property is a subsidiary of Viohalco in the real estate industry.
For more information, please visit our company website: www.noval-property.com