Today IGD – Immobiliare Grande Distribuzione SIIQ S.p.A. (“IGD” or the “Company”), leading owner and manager of retail shopping centers in Italy and listed on the STAR segment of the Italian Stock Exchange, announces to have signed an agreement (the ”Agreement”) for the disposal of two of the three shopping centers held by RGD, through the sale of the stake (50%) in the latter.

The price of the stake, approximately € 59 million, was determined based on RGD Group’s consolidated net equity and the independent appraiser CBRE’s valuation at 30 November 2010, which amounted to  €148  million approximately.

The third shopping center held by RGD  will continue to be owned 50/50 with Beni Stabili. For this purpose, IGD signed a preliminary agreement for the purchase of 50% of the “ Darsena City” shopping center in Ferrara for approximately € 22 million, plux taxes.

The transaction will result in an improvement in IGD’s net financial position of approximately € 65 million.

The Agreement, moreover, is further confirmation of IGD’s ability to deliver  2009 – 2013 Business Plan and is in line with the new strategy which calls for rotation of the real estate portfolio, as well as the restyling and expansion of the existing portfolio.

The Agreement will also help to simplify the Group’s organizational structure resulting in noticeable benefits in terms of rationalization.

IGD and Beni Stabili will maintain a mutually beneficial relationship in the real estate sector, including in light of the positive experience matured through the Joint Venture.