Completion of real estate projects boost Noval Property assets to 390 mln euros

Noval Property, the real estate arm of metals group Viohalco, said that the completion of several key projects has boosted the value of its assets in the first half of the year by 7 percent to 389.7 million euros.

The increase came about from the completion of The Orbit office building in Athens and the expansion of the River West shopping center, in the western suburbs of Athens, among others, the company said in a bourse filing

With the latest figures, the value of its property portfolio has jumped in value by a total 29 percent in the year-ending June 30, it added.

Noval Property, Greece’s second largest real estate investments company (REIC), has a portfolio of 42 properties in Greece and Bulgaria. Assets include offices, shopping malls and former industrial properties covering a total of some 430,000 square meters.

As part of a growth push, the company has indicated that it plans to use the former industrial properties for other purposes, such as data centers and logistics facilities.

Belgium-based Viohalco has a direct stake in the company of 79 percent.