12 January 2006 8:07

IGD S.p.A. continues to expand in the south of Italy, acquisition of second shopping mall in Sicily, in Catania

Less than a month following the acquisition of a major shopping center in Palermo, IGD SpA, a company listed on the STAR division of the Italian Stock Exchange and operating in the retail property sector, is continuing to expand in Sicily by purchasing a new shopping mall in Catania province.

In line with the business plan presented to the financial community, IGD SpA today signed a preliminary agreement to construct a shopping mall in a prestigious area (Gravina) of Catania.

Specifically, the shopping center will comprise a hypermarket and shopping mall.

The hypermarket, which will house the Iper Coop Sicilia, will occupy a GLA of 13,591m² containing a sales area of 8,000m², while the shopping mall will occupy a GLA of 14,919m² with room inside for approximately 57 shops and 6 average size stores.

The total investment will amount to approximately 53 million euros. Work is scheduled to get underway in 2006 and be completed by early 2008.

This new acquisition, the sixth since stock exchange listing, offers confirmation of the dynamic nature of IGD’s growth strategy, aimed at increasing its own real estate portfolio by acquiring and constructing shopping centers offering major investment opportunities.

Furthermore, in addition to prove how IGD is going ahead with the development plan presented to the financial community, this transaction is of strategic importance in its expansion in the south of Italy.

Being situated in the two most developed province of Sicily (Palermo and Catania), IGD will play a leading role in the future development of the real estate market in the south of Italy which all leading players – real estate and retail – will be involved in and which will undoubtedly be one of the most dynamic over the coming years.

The positive relations with non-shareholder Coops must also be noted, particularly Coop Sicilia, which, in addition to occupying the hypermarket inside the Palermo shopping center, will also occupy the hypermarket inside the Catania ones.