Message from the newly appointed Chairman

On 19 April 2017 IGD’s BoD appointed Elio Gasperoni Chairman of the Company.

Mr. Gasperoni, who over time has held different positions in public administrations and various local institutions, is Vice Chairman of Coop Alleanza 3.0 and has been a member of IGD’s BoD since 2015.

The following message is his first contribution to our investors’ newsletter since his appointment as the Company’s Chairman.

It is an honor for me, as well as a great responsibility, to preside over IGD SIIQ’s BoD at this point in its history.  As a member of the Board since 2015, I am fully aware of how challenging the targets in the Business Plan are.  The Plan is, in fact, being implemented in an operational context characterized by the Italian economy’s exit from a long period of crisis which is accompanied by new models of consumption that IGD must interpret correctly in order to ensure the success of its investment pipeline.

I believe, though, that however ambitious they might seem in light of the complexities of the environment, the targets we set for 2018 can be fully achieved.

Firstly, 2016, which is the first year of the three-year Plan period, has already produced results which confirm that the path undertaken is the correct one.

Another element that allows me to be confident about our ability to deliver the 2018 targets is the quality of the group of managers responsible for implementing the strategy and their different areas of involvement: from commercial management to the management of our real estate portfolio, from financial management to, lastly, the aspects of sustainability that are inherent in our way of conceiving shopping centers truly as spaces to be lived in. Over time IGD’s management has built an undisputed track record, delivering results in line with the commitments made which gives credibility to the ability to reach the next targets.

As a Director of the Company, in the recent past I have already had the opportunity to get to know and appreciate IGD’s top management.  In these first few days of my new assignment as Chairman, I have, however, been able to learn more thanks to the direct contact I have had with the individuals committed to transforming the Plan into reality.  I must say that the professionalism, the motivation and the team spirit that I found characterizes IGD’s entire team left me with a positive impression and made me even more confident about our ability to achieve the goals set forth in the Plan.

From now through 2018 I believe, therefore, that we will be able to continue to work leveraging on the factors that have already helped us deliver important results.

With a view to this type of continuity, in my new role as Chairman I hope to make my own personal contribution by making my close relationship with Coop Alleanza 3.0 available to IGD. The Company’s largest shareholder will, undoubtedly, play an important part in supporting and guiding future growth

IGD was born 17 years ago as a result of the sound intuition of two consumer cooperatives, active in retail, who felt the shopping center business should be managed based on criteria other than the ones used for hypermarkets.

Today, as I mentioned, the world of consumption is changing; the role of the food anchors inside the shopping center is evolving.  Furthermore, the way in which hypermarkets interpret their own mission is undergoing profound change.

An increasingly close tie between IGD and the cooperatives that manage the food anchors inside the shopping centers is, therefore, key to the success of future investments.

Today IGD has a portfolio that continues to create value thanks to careful management and appropriate investments in maintaining the high quality of its assets.  There is, however, potential for external growth.

We will certainly look carefully at any market opportunities, while adhering to criteria that ensure increased value for all our shareholders: during my term in office I hope, therefore, to make a concrete contribution, by working with IGD’s Chief Executive Officer, in this direction. Clearly, the valuation of the stock on the stock market can help to make our aspirations for a new period of development more concrete.  For this reason we will continue to work on delivering good results and making sure they are reflected in the stock’s price.

I am already working together with the other Directors and the management team in order to ensure that IGD reaches its Plan targets in 2018 and expresses its potential for growth, including through acquisitions, while maintaining the commitments made to the shareholders and all of our stakeholders.