12 January 2009 17:51

In order to optimise the returns forecast in the investment plan, IGD SIIQ SpA cancelled the preliminary purchase contract for the Trapani Shopping Mall

IGD SIIQ S.p.A., a company active in the retail real estate sector and listed on the STAR segment of the Italian Stock Exchange, cancelled the preliminary purchase contract signed on January 8th, 2007 with Sviluppo Trapani S.r.l. for the purchase of the Trapani Shopping Mall, in Trapani.

The rescission was due to the delay in the issue of building licences, since a longer timeframe had madethe project less attractive.

The current strategy of IGD SIIQ S.p.A., which is based on “dynamic” portfolio management, favours a focusof financial resources on those projects that  present a cashflow generation capacity in the shorter time.

Following the cancellation of the Trapani Shopping Mall contract,  IGD SIIQ will be reimbursed the entire deposit made equal to EUR 5,467,000, which represented a 10% of the whole forecast investment.