New developments of smaller scale continues to consider Noval Propertyenriching her portfolio with projects that will enhance her market presence real estateThe Managing Director of the Company, Michalis Panagis, noted yesterday (17.9.2025) in informing analysts about the financial results of the first year 2025.
According to him, Noval Property’s plan remains the disinvestment of 10-15 properties outside of Attica, worth about 8m euros, as well as maintaining investment in real estate upgrades, with the amount being estimated at around € 25m for the two months of 2025.
For 2025, the income that the company expects from rents is between 36 and 38 million euroswith custom eBitda being formed At 22-24 million euros and operating cash flow (FFO) At 12.5-14.5 million euros. “The second semester is foreseen more powerful, with a better contribution than the new real estate and steady performance of Retail,” said the company’s financial director, Dimitris Panagis.
The K199 is an emblematic example of Noval’s new orientation in viable offices. This is the reconstruction of an old commercial property at 199 Kifissias Avenue, which will be converted into an innovative office building with an extremely low carbon footprint. The property will have flexible spaces for different types of users, incorporating modern technologies and sustainability practices. Its completion is set at the beginning of 2026, with the first tenant being settled in January and aim to be fully leased until the end of the first half of the year.
The Grid, the big office complex developed by the company in Maroussi, is also a significant development. Ernst & Young is expected to move to its new offices in August 2026, while demand for other buildings remains particularly high. Administration expresses optimism that Grid will be fully leased by the end of the same yeardespite the 5 -month delay that led to a slight impairment of value (about 1.8 million).
At the same time, the Ardittos House is added to the Noval portfolio, at 40-42 Arditou Street, in a former unfinished construction transformed into a modern mixed residential and office building. With a total area of 4,284 sqm, the project stands out for its bioclimatic architecture, luxurious homes, modern office spaces and views of the Acropolis and Lycabettus.
To retailperformance remains positive. Riverwest and Marwest shopping centers increased by 10%, while store sales were reinforced by double -digit rates. The fullness has reached almost 99%, while new leases are closed at higher levels – from 48 to 65 euros per sqm, with some cases exceeding 90 euros.
Enhanced Economic Sizes in the first half 2025
In the first half of 2025, the company made net profits of € 19.7 million. Revenue from leases amounted to € 17.7 million, showing an increase of 11% compared to the same period last year.
This improvement, which corresponds to € 1.8 million, came mainly from the restructuring of the portfolio and renegotiation of the more favorable terms. At the same time, new agreements in commercial and office premises have greatly enhanced the total income.
Customized operating profits (A-EBITDA) stood at € 11 million, recording a rise of 17% compared to the first half of 2024, which highlights the improvement of functional efficiency.
The value of Noval Property’s investment portfolio in June 2025 reached € 679 million, up 5% compared to the end of 2024. This development reflects both the appreciation of existing real estate and the completion of new projects.
The net accounting position (NAV) amounted to EUR 533.2 million or EUR 4.22 per share, up 3% compared to December 2024. The company’s available were reduced to EUR 57.3 million, from EUR 72.8 million at the end of the previous year, mainly due to costs directed to upgrades and growth projects.