Noval’s billion-euro target
Viohalco subsidiary Noval Property REIC is eyeing the creation of a portfolio estimated to be close to 1 billion euros by the end of the decade, from €571 million today. For this purpose, the company has designed a €340 million investment program which foresees the development of its own properties as well as the acquisition of third-party assets.
Managing Director Panayiotis Kapetanakos tells Kathimerini that the process of listing the company’s shares on the Athens Stock Exchange is in the final stages and is expected to be completed within the second quarter. He explains, “From the capital increase, we aim to raise an amount of €100 million, of which €89.5 million will concern the public listing and, in the context of a relevant agreement, €10.5 million from the EBRD.” The European Bank for Reconstruction and Development has already invested this amount in the company and will convert it into shares of Noval Property when the company is listed.
According to Kapetanakos, the management of the company is proceeding with a series of meetings and presentations with potential investors, of all sizes and profiles, from family offices to institutional investors.
