Acquisitions and development
We are one of the realities in Italy that has invested the most over the last few years: we invested a total of around €1.2 billion between 2009 and the first half of 2018.
At the time of our listing in 2005 our real estate portfolio was valued at €555 million, while at 30 June 2018 it was worth €2.43 billion. This result reflects both the development initiatives (including, for example, the Clodì retail park in Chioggia,…), as well as external growth made through the acquisition of properties which met certain qualitative requirements like appeal, yield and competitive positioning, while respecting financial targets like Loan-to-Value and Funds From Operations
The most important transaction in the last period has been the acquisition of a portfolio of 4 shopping malls and 1 retail park from Eurocommercial Properties through a capital increase of around €150 million completed in April 2018.