Noval Property's CEO, Panagiotis Kapetanakos, referred to the strong operating profitability during the analysts' briefing on the half-year results. As he noted, the increased profitability reflects the company's positive outlook and the diversification of its portfolio. Besides, the increase in rental income is also further evidence that the company is on a growth trajectory as it expands its activities and completes major projects. 

OUTLOOK

The conference call also mentioned the company's positive outlook in real estate, as it is completing important projects, has strong tenant contracts and the reduction in interest rates will improve valuations and ease the cost of servicing borrowings. At the same time, all indications are that full-year operating profitability will be significantly ahead of the previous fiscal year, i.e. the full year 2023. Growth is also expected in rental income.  

THE PORTFOLIO

Particular emphasis was placed on the significant increase in Noval's investment portfolio, which exceeded €600 million, reaching €609.3 million. This is due to the investments the company has made and the fact that it has completed important projects. Besides, the expansion of the portfolio is a key priority for the management. The company's CEO pointed out that 98.9% of the portfolio includes properties in Greece. The returns by category are as follows: retail: 8.8%; hospitality: 7.7%; logistics-warehouses: 6.7% offices: 6% residential: 1.5% 

GREEN PROPERTIES

Green properties are in the company's sights, while upgrading existing ones to environmentally friendly ones is high on the business plan.

THE PROJECTS

As for projects, Mr. Kapetanakos referred to the new logistics center in Mandra, which was handed over for use to the tenant. At the same time, for the projects currently underway, the company leased approximately 30% of the residential use of the mixed-use property on Ardittou Street in Athens. At the same time, The Grid, a joint venture of Noval Property and Brook Lane Capital, signed a lease agreement with EY Greece for the office space of two of the four buildings of The Grid complex in Maroussi