Noval: Where will the funds go from the green bond of 120 million.

of Eleni Botas

The financing of its investment plan as well as the repayment of its loan will be directed to the funds of the green bond totaling 120 million euros, issued by Noval, a subsidiary of the Biochalco Group, which received the green light yesterday from the Hellenic Capital Market Commission.

Most of the funds raised will be for the financing of existing investments, including:

– Under development complex of office buildings on 10-12 Heimarras and Maroussi – Halandri Avenue in Maroussi (former Kodak property) with a total area of ​​approximately 49,000 sq.m. and expected international certification according to LEED, through the company THE GRID SA (shareholder composition: 50% Noval Property, 50% Mavani Holdings Limited of the Brook Lane Capital group). Capital expenditures from THE GRID SA are expected for the period 2022-2025 for this project. approximately 48.7 million (77.3 million including the purchase price of land, which is expected to be paid by the end of 2021), 50% of which, ie 24.4 million (38.7 million including the ratio on the purchase price of the land), corresponds to the Company.

– Under development urban regeneration of the former industrial property (initial area approximately 72,500 sq.m.) at 252 Piraeus Street, which was included in the Strategic Investment scheme (Law 3894/2010) at the end of 2019, in mixed uses that are expected to include a combination offices, hotels, homes, sports facilities and other uses, with expected international LEED / LEED Neighborhood Development or BREEAM Communities certification and adequate energy efficiency, a project for which capital expenditures of approximately 152 million are expected in the period 2022-2025.

– Reconstruction of the building on Ardittou Street in Mets, with a total area of ​​approximately 3,480 sq.m. in an apartment building and offices of expected international certification according to LEED or BREEAM, a project for which capital expenditures of approximately € 8 million are expected in the period 2022-2024.

– New office building under development on the property at 16 Heimarras Street in Maroussi, with a total area of ​​approximately 20,175 sq.m. with expected international certification according to LEED, a project for which capital expenditures of approximately € 22 million are expected in the period 2022-2025 (for the development of this new building were acquired the two (2) plots on Chimarras Street, in the Municipality of Maroussi, as referred to in point 3.3.3.1 above).

– Conversion of conversion of former industrial properties with a total area of ​​22,200 sq.m. in logistics buildings of adequate energy efficiency, projects for which capital expenditures of approximately € 10 million are estimated in the period 2022 – 2024.

At the end of June 2021, Noval owned 43 properties with a total gross lettable area of ​​317.5 thousand sq.m. with annualized rents of € 21.4 million.

One of the 43 properties is located in Sofia, Bulgaria, while the rest are located in Greece. The fair value of the total investment property of the company, as it was valued by Independent Regular Appraisers on June 30, amounted to 389.7 million euros.

As of the same date, Noval’s portfolio consisted mainly of retail space, accounting for 36.7% of the total estimated value and 49.1% of the annual leases.

It was followed by the office spaces that represented 31.4% based on the total estimated value and 30.2% based on the annualized rents.