What Noval Property does

Noval Property operates as a Greek Real Estate Investment Company (REIC) and the second-largest REIC listed on the Athens Stock Exchange (ticker: NOVAL), serving as the dedicated real estate investment vehicle of Viohalco, a diversified industrial conglomerate. The company holds a portfolio of 61 properties totaling approximately 362,000 sq.m. of gross leasable area (GLA) across office buildings, shopping centers, retail parks, logistics and warehousing facilities, residential units, hospitality assets, and industrial properties. Properties are primarily located in Greece with selective exposure to Bulgaria. The portfolio fair value exceeded EUR 679 million as of H1 2025, with Net Asset Value of EUR 494 million as of mid-2024.

The company's core competency is sustainable commercial real estate development combined with active asset management. Its technology and design approach integrates bioclimatic architectural principles, IoT-enabled Building Management Systems (BMS), and targeting of international environmental certifications including LEED (Platinum and Gold), BREEAM In-Use, WELL Building Standard, and WiredScore. Notable flagship assets include The Grid office campus in Marousi (a 61,500 sq.m. JV with Brook Lane Capital, designed by Foster + Partners, with EY Greece as anchor tenant), the Mandra Logistics Centre (first LEED Gold logistics building in Greece), Mare West retail park in Corinth (first BREEAM In-Use retail park in Greece), Ardittos House mixed-use building, the Butterfly Building (first WiredScore-certified building in Greece), and River West in Western Athens.

The business model centers on recurring rental income from long-term B2B commercial leases to enterprise tenants, supplemented by capital appreciation through development, strategic divestitures, and asset revaluations. The company completed its IPO on the Athens Stock Exchange Main Market in June 2024 and maintains diversified capital access including a EUR 120 million green bond (December 2021, with EBRD participation), a EUR 10.5 million EBRD pre-IPO convertible bond loan (October 2023), and a EUR 127 million syndicated facility (Piraeus Bank plus Greece 2.0 Recovery and Resilience Plan funding) for The Grid project. FY 2025 rental revenues reached EUR 37.8 million (13% YoY growth), with FY 2024 adjusted EBITDA of EUR 20.6 million (16% YoY growth). GTM motion is direct enterprise field sales for B2B leasing, with distribution via direct B2B leases, property divestments, JV partnerships, and capital markets.

Name

Noval Property

Legal name

ΝΟΒΑΛ ΠΡΟΠΕΡΤΥ ΑΝΩΝΥΜΗ ΕΤΑΙΡΕΙΑ ΕΠΕΝΔΥΣΕΩΝ ΣΕ ΑΚΙΝΗΤΗ ΠΕΡΙΟΥΣΙΑ

Website

https://noval-property.com

Company type

Public

Founded year

2019

Operating status

Ipo

Headcount range

11–50 employees

Short description

Noval Property is the second-largest Greek Real Estate Investment Company listed on the Athens Stock Exchange, holding 61 commercial properties (~362,000 sq.m.) across office, retail, logistics, residential, hospitality, and industrial assets in Greece and Bulgaria, with a focus on LEED- and BREEAM-certified sustainable buildings.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Investment

NAICS

Lessors of Real Estate (5311), Real Estate Property Managers (53131), Lessors of Other Real Estate Property (53119)

SIC

Real Estate Investment Trusts (6798), Real Estate Agents & Managers (For Others) (6531), Lessors Of Real Property, Nec (6519)

akta.pro primary industry

Commercial Real Estate Asset Management (BPAJAMAB)

akta.pro secondary industries

Residential Real Estate Asset Management (BPAJAMAA), Real Estate Investment Sales (Income-Producing Properties) (FSAEAJAC), Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE)

Keywords

• Commercial real estate
• Real estate investment
• Sustainable buildings
• Property leasing
• Green-certified properties

Headquarters

HQ city

Athens

HQ country

Greece

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D, Supply Chain, Others

Revenue model

1. Rental Income from Investment Properties: Noval Property generates rental revenue from its portfolio of commercial properties including office buildings, retail spaces, logistics/warehouse facilities, residential units, hospitality assets, and industrial buildings. The portfolio comprises 61 properties (as of 2023/2024) with total leasable area of approximately 343,000-362,000 sq.m. Rental income for FY 2024 was EUR 33.4 million, increased by 14% from 2023 (EUR 29.3 million).

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Noval Property is a Real Estate Investment Company (REIC) that acquires, develops, owns, and manages a diversified portfolio of 61 commercial real estate properties in Greece (and selectively in Bulgaria), spanning office buildings, shopping centers, retail parks, logistics/warehousing facilities, residential units, hospitality/tourism assets, and industrial properties totaling approximately 362,000 sq.m. of gross leasable area. The company generates revenue primarily through long-term rental leases to enterprise tenants and active asset management, with a strategic emphasis on LEED/BREEAM/WELL-certified sustainable buildings.

Product overview

Noval Property operates as a Real Estate Investment Company (REIC/ΑΕΕΑΠ) with a diversified portfolio of 61 properties across Greece and selectively in Bulgaria. The portfolio comprises office buildings, shopping centres, retail parks, logistics/warehousing facilities, residential units, hospitality/tourism assets, and industrial properties, totaling approximately 362,000–362,000 sq.m. of gross leasable area (GLA). The company functions as a single unified investment vehicle under Viohalco's real estate sector, and its operations are structured around active asset management, property development, and sustainability-certified buildings. Key named projects and property categories include office campuses (The Grid, Kifisias Avenue buildings, Ardittos House), retail assets (Mare West, River West), logistics centres (Mandra), and mixed-use redevelopments. The company is listed on the Athens Stock Exchange.

Differentiator

Problem solved

Functional benefit

Products and services

• The Grid Office Campus A landmark 61,500 sq.m. four-building office campus in Marousi, Athens, jointly developed with Brook Lane Capital. Designed by Foster + Partners on a former Kodak land plot, targeting LEED Platinum and WELL Building Standard certification, with two of the four buildings pre-leased to EY Greece.
• Mare West Retail Park A retail park in Corinth, Greece, certified as the first BREEAM In-Use Commercial v6 certified retail park in Greece, with a 200 kW photovoltaic plant on its outdoor parking area.
• Mandra Logistics Centre A modern 9,830 sq.m. logistics centre in Mandra, Attica, designed to achieve LEED Gold certification (the first LEED Gold certified logistics building in Greece), with a total investment of EUR 8 million and fully pre-leased to Seagull Single Member S.A.
• Ardittos House A mixed-use residential and office redevelopment at 40-42 Ardittou Street in Mets, Athens, combining prime location with high-aesthetic design; received LEED Gold certification (BD+C New Construction & Major Renovation v4.1) in October 2025.
• Kifisias Avenue Office Building (199 Kifisias) An office building at 199 Kifisias Avenue in Marousi, acquired from HELLENiQ ENERGY Holdings S.A., undergoing reconstruction to become what the company describes as the first low-carbon operational office building in Greece, targeting LEED certification.
• Butterfly Office Building An office building in Chalandri, Athens, notable as the first building in Greece to receive WiredScore certification for digital connectivity, featuring public art installations including the 'Gentility' sculpture by Venia Dimitrakopoulou.
• River West The largest urban redevelopment project in Western Athens, forming part of Noval Property's mixed-use and commercial portfolio.

Quantifiable outcome

• 14% increase in rental revenue (FY 2024 vs 2023)
• +4 more outcomes

Named customers2 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Brook Lane CapitalcoreStrategic or Co-development Partner · 11 June 2024Joint venture partner for The Grid office campus development in Marousi, Athens. The Grid S.A. is the JV entity developing a landmark 61,500 sq.m. office campus with Foster + Partners architecture, targeting LEED Platinum and WELL Building Standard. Total project financing of EUR 127 million.
• Foster + PartnerscoreTechnology or IntegrationInternationally recognized architectural firm designing The Grid office campus. The architectural design centers on an innovative and environmentally sustainable office campus expected to become a reference point in the Greek office market.
• Enterprise GreeceminorGTM or Marketing PartnerNoval Property participated in the national pavilion organized by Enterprise Greece at MIPIM 2024 to present company strategy and portfolio to foreign investors.

Scale indicators16 records

Recent moves8 records

Expansion highlights6 records

Emerging players

• Dimand: Greek real estate development company focused on commercial, office, and mixed-use developments. Comparable to Noval's development pipeline (The Grid, Ardittos House, Kifisias Avenue) as a Greek commercial real estate developer with similar project scale and ESG orientation.

Direct peers

• Trastor REIC: Greek REIC focused on commercial real estate — primarily office, retail, and logistics — listed on the Athens Stock Exchange. Closely comparable to Noval in property type mix, tenant base (corporate occupiers), and Greek regulatory/market dynamics.
• LAMDA Development: Greek real estate developer listed on the Athens Stock Exchange, focused on large-scale commercial and mixed-use developments (e.g., The Mall Athens, Mediterranean Cosmos). Comparable to Noval as a Greek commercial real estate operator with development pipeline and capital markets access.
• PRODEA Real Estate Investments: Greek Real Estate Investment Company (REIC) listed on the Athens Stock Exchange, holding a diversified portfolio of office, retail, logistics, and mixed-use assets in Greece. Directly comparable to Noval in structure, regulatory regime, asset classes, and Greek market focus.
• Orilina Properties REIC: Greek REIC investing in commercial and residential real estate across Greece. Similar diversified real estate investment vehicle structure to Noval with overlapping property types (office, retail, residential) and exposure to the Greek commercial real estate market.

Regional players

• S IMMO: Real estate investment company listed on the Vienna Stock Exchange, holding commercial real estate (office, retail) in Austria and CEE. Comparable to Noval in asset type mix and REIT-like structure, but operates primarily in German-speaking/Central European markets rather than Greece.

Broad incumbents

• CA Immobilien Anlagen: Austrian commercial real estate company focused on office properties across Central and Eastern Europe, listed on the Vienna Stock Exchange. Comparable to Noval's office investment strategy and sustainability positioning, though at a larger and more geographically diversified scale.
• Globalworth: Central and Eastern European office real estate investor/developer listed on AIM London and Warsaw Stock Exchange. Comparable to Noval's office segment (especially The Grid), with overlapping focus on institutional-grade, sustainably-certified office space in emerging European markets.
• CTP: One of Europe's largest logistics and industrial real estate developers/investors, listed on Euronext Amsterdam. Comparable to Noval's Mandra Logistics Centre and overall logistics segment, though CTP operates across CEE/Western Europe at significantly larger scale.
• Immofinanz: European commercial real estate investment company listed on the Vienna Stock Exchange, focused on retail and office assets in CEE/Austria. Comparable to Noval's retail and office portfolio segments, with similar institutional tenant focus and sustainability orientation.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/noval-property

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries3 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Noval Property