Ownership of hypermarkets and supermarkets is strategic for IGD

Hypermarkets and supermarkets guarantee IGD stable and visible revenue streams over time thanks to the long term leases which are 75% indexed to the ISTAT index.  This asset class comprises a total of 19 properties which are leased to Coop Alleanza 3.0, Unicoop Tirreno, Distribuzione Centro Sud S.r.l., Arca S.p.A. (Famila) and Nuova CR Supermercati S.r.l. (Conad). Tenants are responsible for all routine and extraordinary maintenance of systems and the building interiors. The fair value of these assets reached €424 million at 31 December 2021, while the occupancy was 100%.


 

On 25 November 2021 IGD sold to Intermediate Capital Group (ICG) a real estate portfolio of 5 hypermarkets and 1 supermarkets for €140 million, in line with the book value at 30 June 2021. All the properties sold are “stand alone” and not connected to IGD’s freehold malls which reflects the Group’s strategy to focus on full ownership of the shopping center (mall + hypermarket), allowing for greater flexibility and speed when responding to market changes and tenants’ needs. The transaction was finalized by transferring the entire real estate portfolio to “Fondo Juice” – a closed end real estate alternative investment fund (an Italian AIF) managed by Savills Investment Management SGR S.p.A. – of which ICG will hold 60% of the quotas (Class A, with a preferential yield) through Corallo Lux Holdco S.a.r.l. (an ICG Group company) and IGD the remaining 40% (Class B, with a subordinated yield). The goal is to further enhance the portfolio over the next few years and sell it on the market at the best conditions possible.

 

The details of the portfolio of assets sold are shown below:

NameLocationGLA sqmSales area sqmTenantBrand
LE FONTI DEL CORALLOVia Gino Graziani, 6 Livorno9,3594,538Unicoop TirrenoIpercoop
IL MAESTRALESS16 Adriatica Nord, 91 Senigallia (AN)12,5016,600Coop Alleanza 3.0Ipercoop
IL MIRALFIOREGalleria dei fonditori, 1 Pesaro10,4125,258Coop Alleanza 3.0Ipercoop
SCHIOVia Luigi dalla Via, 9 Schio (VI)8,1764,806Coop Alleanza 3.0Ipercoop
GLOBOVia Foro Boario, 30 Lugo (RA)7,9374,468Coop Alleanza 3.0Ipercoop
CECINAVia Pasubio, 33 Cecina (LI)5,7493,155Unicoop TirrenoCoop

 

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Our hypermarkets and supermarkets in details