Yesterday, during a presentation by Panagiotis Kapetanakos, the CEO of Noval Property, in honor of the company's listing on the Athens Stock Exchange, the company highlighted the strategic pillars and the properties that will be developed within the framework of the €340 million investment program that the company is implementing until the end of the decade.

In more detail, the three main pillars of the strategy followed by the second-largest Greek AIF are:

• The large portfolio of privately owned properties
• The focus on selective real estate purchases, either on its own or in cooperation with a strong strategic investor
• Active management of the real estate portfolio, with renewal of leases at higher prices
  Regarding the last pillar, the example of the leases at Orbit was typically cited, where in 2019 rental rates were playing at €15–€19 per month and the company signed short leases expiring in 2022, 2023 or even this year, which were indexed upwards to price levels that are currently playing at €30–€35.

Also next to an existing property, River West, a new product was added, River West Open, which, as Kapetanakos mentioned, together with IKEA, created the largest commercial pole, hybrid & new generation in Greece, with high footfall and turnover.

Mr. Kapetanakos spoke of a structural imbalance in the domestic real estate sector, as there is high demand but low supply of quality products , mainly due to the 2008–2019 crisis, where few companies proceeded to develop new products. He also mentioned that there is a compression in the yields of quality real estate in Athens, which are moving towards the levels of similar cities such as Lisbon, based on criteria related to population, golden visa, macroeconomic data of the countries, etc.