The transformation of the Piraeus street property into a complex for leisure and culture activities, offices, hotel and shops, the completion of the expansion of the River West Shopping Center in Kifissos, and the apartment building of 4,500 square meters in the Metz area are among the new developments of Noval REIC, the Viohalko Group real estate investment company.
The property on Piraeus Street covers an area of approximately 73,000 sqm, and the buildings cover about 44,000 sqm. In collaboration with an internationally renowned architectural firm, Noval’s administration is launching a project to build new 50,000-square-foot buildings within a leisure and green park.
With a portfolio of 41 properties with a total area of 429,900 sqm and worth € 298.5m, Noval is the second largest Greek real estate investment company (REIC). The company’s annual rental income is projected to move close to €23.6 m this year.
The company’s portfolio includes 14 industrial properties, 10 office buildings, five retail real estate, four hospitality properties and eight of other categories.
The most profitable property in terms of rent revenue is the one hosting the IKEA on Kifissou Avenue (30% of the revenue comes from that property), while 20% of the revenue comes from the Orbit office complex on Kifissias Avenue. 13% comes from ‘River West’. In the fourth place is the building that houses the hotel “Wyndham Athens” on Karaiskaki Square (10% of rental income) and in the fifth place is the office building on Amarousiou-Halandriou 33 street. Next is the “Mare West” shopping center in Corinth, where expansion works have recently been completed.
Original Source: Euro2day
Adaptation/Translation: Kiki Athanasiadis