8 October 2009 12:16

IGD acquires Le Maioliche shopping center in Faenza

Igd Siiq, one of the key players in the Italian retail real estate sector and listed on the Star segment of the Italian Stock Exchange, has acquired the Le Maioliche di Faenza Shopping Center.   In accordance with the agreement signed today, Igd purchased 100% of the company Faenza Sviluppo srl, owner of the shopping center, from Coop Adriatica, a related party.

The asset is valued at € 81.7 million.

The Le Maioliche Shopping Center, opened last June 4th, covers a total GLA (Gross Leasable Area) of 31,948 m2 The center is comprised of an Ipercoop with a GLA of approximately 9,300 m2 and a shopping mall that houses 41 stores, service and administrative facilities, as well as five medium sized areas.  There are also three outdoor medium sized areas. The shopping center is occupied by renowned brands such as C&A, which is inaugurating its first point of sale in Italy, H&M, Trony, Decathlon, Deichmann, New Yorker, Maison du Monde and Jack & Jones, its first opening in a shopping center.  A service area with a gas station will be built in an adjacent area.

The Le Maioliche center benefits from an advantageous location as it is just off the A14 motorway which connects Bologna with the  Adriatic Riviera.

Claudio Albertini, Igd Siiq’s Chief Executive Officer declared: “The acquisition of the Le Maioliche center is in line with our strategy to focus on investments with highly visible returns:  the real estate complex we just acquired is, in fact, completely rented and in the first few months of operation has provided encouraging figures in terms of traffic.”

The transaction is subject to approval by the Antitrust Authority in accordance with Art. 16 of Law 287/1990.