The European Bank for Reconstruction and Development (EBRD) has successfully participated in a debut green bond issuance by Noval Property in Greece, with an investment of €12 million of the total €120 million offering.
Noval Property is the second-largest real estate investment company in Greece in terms of assets, with a current portfolio of 43 commercial properties valued at €390 million. It is also a subsidiary of Viohalco.
Noval Property’s green bond, which is listed on the Athens Stock Exchange, is aligned with the International Capital Market Association’s (ICMA) Green Bond Principles, and will help strengthen corporate climate governance, while supporting transparency and integrity in the development of the local green capital market.
The issuance advances Noval Property’s strategy to scale up by providing funding to pursue new investments and property developments, while diversifying its funding sources and restructuring its balance sheet.
As part of the project, Noval Property has committed to invest the EBRD’s proceeds in financing green-certified assets, achieving at least LEED “Gold” or BREEAM “Very Good” certification.
Vlaho Kojakovic, EBRD Head of Property and Tourism, said: “We are very excited to support Noval Property in its inaugural step to access the green debt capital markets and in widening its investment portfolio. Noval Property will be pursuing a promising pipeline of sustainable green-certified buildings, which are currently in limited market supply, ultimately supporting the decarbonisation of the building sector in Greece.”
Panagiotis Kapetanakos, CEO of Noval Property, commented: “Noval Property is committed to green buildings and sustainable development. The proceeds from this issue will help us further enrich our green-certified portfolio by progressing our captive development pipeline and capitalising on suitable investment opportunities in the market. We are very happy and honoured that the EBRD shared our vision and supported this issue.”
To date the EBRD has invested approximately €5.1 billion in more than 80 projects in the corporate, financial, energy and infrastructure sectors of the Greek economy.
Latest News
Greek Youth Struggle Amidst Low Wages and Soaring Expenses
Furthermore, 52.7% of respondents attribute Greece's current significant issues to governmental failure, while another 49.1% anticipate continued economic hardship in the nation's future
S&P Raises Greece Outlook to ‘Positive’; Rating Unchanged
The same international ratings agency in October 2023 raised the country’s creditworthiness to BBB- with a stable outlook
Number of Turkish Visitors to Greek Islands up 10-Fold After 7-Day Express Visa
More than 20,000 Turkish tourists flocked to the eastern Aegean isles during a nine-day religious period in the neighboring country
Greece to Protect 198 ‘Untouchable Beaches’
These beaches, numbering 198 across the country, fall within the Natura 2000 network and will be off-limits for concession and, by extension, for the placement of umbrellas, sunbeds, etc.
BoG: Feb. Current Account Deficit up by 1.8bln
At current prices, exports dropped by 10.3% (‑10.7% at constant prices) and imports grew by 5.7% (9.4% at constant prices).
Greece Becoming a ‘Refuge’ for German Pensioners
The government's policies to attract foreign property buyers to boot the economy is working, reports German newspaper Handelsblatt
Iran Activates Air Defense System- Reports of Attack by Israel
An Iranian official said explosions reported by Iran's media were the result of the activation of the country's air defense system, yet media reports attribute them to a drone attack by Israel
Poll: Greeks, EU Citizens Eager to Vote in European Elections
EU citizens are eager to vote in the upcoming elections for the European Parliament in June, with eight in 10 saying the current geopolitical situation makes voting imperative
Mitsotakis-Erdogan Meeting in Ankara Fixed for May 13
The Greek PM himself made the announcement from Brussels on Thursday, while he also responded to a question on Athens' intent to create a marine park in the central Aegean, an environmental initiative
Greece Aims to Boost Energy Capacity, Economy with Offshore Wind Farms
Greece’s Energy Ministry is pushing legislation to accelerate the construction of the first floating wind farms in Greek seas