IGD-signed agreement for the sale and lease of the hypermarket in La Torre Shopping Center in Palermo
12 Juli 2011 - 3:55PM
Italian Regulatory (Text)
PRESS RELEASE IGD SIIQ SPA SIGNS THE DEFINITIVE AGREEMENT FOR
THE SALE AND SUBSEQUENT LEASE OF THE PORTION OF THE PROPERTY USED
FOR THE HYPERMARKET LOCATED INSIDE THE "LA TORRE" SHOPPING CENTER
IN PALERMO · · · · Following today's transaction, the IGD Group
will own the entire shopping center in Palermo. The consideration
paid for the sale amounted to 36 million in addition to taxes and
accessory charges. 2 The hypermarket, which has a GLA of 11,200 m ,
was, at the same time, leased to Ipercoop Sicilia. The transaction
is in line with the new portfolio rotation strategy outlined in
IGD's 2009-2013 Business Plan.
Bologna, 12 July 2011. IGD - Immobiliare Grande Distribuzione SIIQ
S.p.A. ("IGD" or the "Group"), leading owner and manager of retail
shopping centers in Italy and listed on the STAR segment of the
Italian Stock Exchange, announces that today it signed the
agreement for the sale and subsequent lease of the portion of the
property used for the hypermarket found inside the "La Torre"
Shopping Center in Palermo.
Following today's acquisition of the hypermarket IGD, which is
already owner of the shopping mall as it was purchased by the Group
on 15 June 2010, now owns 100% of the "La Torre" Shopping Center
.
Today IGD paid the entire purchase price of 36 million, in addition
to taxes and accessory charges, upon execution of the definitive
contract. The purchase price was calculated on the basis of the
appraisal issued by the independent expert REAG.
Having completed the purchase of the hypermarket, IGD then leased
the property which has a GLA of 11,200 m (the sales area covers
6,000 m ) to Ipercoop Sicilia on the basis of an 18-year lease
agreement without withdrawal rights. Ipercoop Sicilia, the tenant,
will also be responsible for the routine and extraordinary
maintenance of the building and the building systems.
2, 2
The yearly rent for the hypermarket, at full capacity, will amount
to 2.350 million, in addition to adjustments for inflation based on
the ISTAT index as of the second year with the possibility of
specific discounts in the first 4 years.
The purpose of the acquisition, which called for the reinvestment
of part of the proceeds generated by the sale to Beni Stabili
S.p.A. on 15 December 2010 of IGD's holding in the joint venture
Rgd, is to expand and complete the shopping center holdings, as
well as enhance the value of the latter thanks to the ownership of
the entire complex. The transaction is also in line with the IGD
Group's new portfolio rotation strategy outlined in the 2009-2013
Business Plan which was updated in November 2010. This strategy, in
fact, calls for asset turnover and new investments of approximately
100 million, in addition to the total investments of 750 million,
376 million of which have already been made, forecast through the
end of the Plan.
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IGD - Immobiliare Grande Distribuzione SIIQ S.p.A.
Immobiliare Grande Distribuzione SIIQ S.p.A. is the main player in
Italy's retail real estate market: it develops and manages shopping
centers throughout the country and has a significant presence in
Romanian retail distribution. Listed on the Star Segment of the
Italian Stock Exchange, IGD was the first SIIQ (Società di
Investimento Immobiliare Quotata or real estate investment trust)
in Italy. IGD has a real estate portfolio valued at 1,804 million
at 31 December 2010, comprised of, in Italy, 18 hypermarkets and
supermarkets, 19 shopping malls and retail parks, 3 plots of land
for development, 1 property held for trading and an additional 6
real estate properties. Following the acquisition of the company
Winmark Magazine SA in 2008 15 shopping centers and an office
building, found in 13 different Romanian cities, were added to the
portfolio. An extensive domestic presence, a solid financial
structure, the ability to plan, monitor and manage all phases of a
center's life cycle: these qualities summarize IGD's strong points.
www.gruppoigd.it
CONTACTS INVESTOR RELATIONS CLAUDIA CONTARINI Investor Relations
+39 051 509213 claudia.contarini@gruppoigd.it ELISA ZANICHELI IR
Assistant +39 051 509242 elisa.zanicheli@gruppoigd.it
CONTACTS MEDIA RELATIONS IMAGE BUILDING Simona Raffaelli, Alfredo
Mele, Valentina Bergamelli +39 02 89011300 igd@imagebuilding.it
This press release is available on the website www.gruppoigd.it, in
the Investor Relations section, and on the website
www.imagebuilding.it, in the Press Room section. .
2
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