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 about €410 million at 30 June 2022, 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:
|Name||Location||GLA sqm||Sales area sqm||Tenant||Brand|
|LE FONTI DEL CORALLO||Via Gino Graziani, 6 Livorno||9,359||4,538||Unicoop Tirreno||Ipercoop|
|IL MAESTRALE||SS16 Adriatica Nord, 91 Senigallia (AN)||12,501||6,600||Coop Alleanza 3.0||Ipercoop|
|IL MIRALFIORE||Galleria dei fonditori, 1 Pesaro||10,412||5,258||Coop Alleanza 3.0||Ipercoop|
|SCHIO||Via Luigi dalla Via, 9 Schio (VI)||8,176||4,806||Coop Alleanza 3.0||Ipercoop|
|GLOBO||Via Foro Boario, 30 Lugo (RA)||7,937||4,468||Coop Alleanza 3.0||Ipercoop|
|CECINA||Via Pasubio, 33 Cecina (LI)||5,749||3,155||Unicoop Tirreno||Coop|