{"id":9468,"date":"2017-06-26T12:13:18","date_gmt":"2017-06-26T10:13:18","guid":{"rendered":"https:\/\/www.gruppoigd.it\/scioglimento-dellaccordo-quadro-con-il-gruppo-cmb-nel-progetto-porta-a-mare\/"},"modified":"2018-07-03T10:36:05","modified_gmt":"2018-07-03T08:36:05","slug":"scioglimento-dellaccordo-quadro-con-il-gruppo-cmb-nel-progetto-porta-a-mare","status":"publish","type":"post","link":"https:\/\/www.gruppoigd.it\/en\/scioglimento-dellaccordo-quadro-con-il-gruppo-cmb-nel-progetto-porta-a-mare\/","title":{"rendered":"Framework agreement with the CMB Group relative to the &#8220;Porta a Mare&#8221; project dissolved"},"content":{"rendered":"<div class=\"intro\">\n<ul>\n<li><strong>IGD repurchased the 20% interest in Porta Medicea Srl held by \u00a0F.IM.PAR.CO. Spa, a company of CMB Group,\u00a0 for\u20ac9.5 million (book value year-end 2016)<\/strong><\/li>\n<li><strong>At the same time F.IM.PAR.CO. Spa, a company of CMB Group, purchased 14 apartments in the Piazza Mazzini residential section for around\u20ac4 million (book value year-end 2016)<\/strong><\/li>\n<\/ul>\n<\/div>\n<div class=\"body\">\n<p class=\" text-justify\">IGD &#8211; Immobiliare Grande Distribuzione SIIQ S.p.A, announces the dissolution of the framework agreement \u00a0(\u201cAgreement\u201d) entered into with CMB GroupCooperativa Muratori e Braccianti di Carpi, relating to the Porta a Mare Project in Livorno.<\/p>\n<p><strong><span class=\"underline\">The Project<\/span><\/strong><\/p>\n<p class=\" text-justify\">Porta a Mare is a mixed use real estate development project focused on the transformation of Livorno\u2019s waterfront, located near the historic heart of the city, which calls for the development of more than 70,000 m<sup>2<\/sup>\u00a0GFA (gross floor area), broken down into five areas (Piazza Mazzini, Officine Storiche, Arsenale, Molo Mediceo and Lips) which will have different uses including residential, services, accommodations and commercial; once the work is completed, the retail space will continue to be owned by IGD, while the other properties will be sold to third parties.<\/p>\n<p class=\" text-justify\">As a result of the Agreement, signed on 27 October 2010, CMB Group purchased 20% of the share capital of the vehicle company Porta Medicea S.r.l. and CMB became the general contractor for the five areas.<\/p>\n<p>Work began in 2010.<\/p>\n<p class=\" text-justify\">Work on the retail portion and offices (Palazzo Orlando) in the Piazza Mazzini area (of around 19,000 m<sup>2<\/sup>) was finished and the units have been operative since January 2014; more than 57% of the residential units were sold (44 out of a total of 73 apartments).<\/p>\n<p class=\" text-justify\">As for the Officine Storiche area, where work is currently underway, around 5,000 m<sup>2<\/sup>\u00a0will be used for residential units (around 40 units), while around 15,000 m<sup>2<\/sup>\u00a0will be dedicated to retail: the latter is the largest and most attractive portion of the entire project.<\/p>\n<p class=\" text-justify\">For the other areas (Molo Mediceo, Arsenale and Lips) possible streamlining\/rationalization of the project is being assessed. The completion of Officine Storiche and the rethinking of the other areas eliminates the main reasons underlying the partnership with CMB.<\/p>\n<p>&nbsp;<\/p>\n<p><strong><span class=\"underline\">Transaction terms<\/span><\/strong><\/p>\n<p class=\" text-justify\">The terms for the termination of the Agreement call for the repurchase by IGD of the 20% interest in Porta Medicea Srl for \u20ac9.5 million, in line with the company\u2019s net equity at year-end 2016, which was completed today.<\/p>\n<p class=\" text-justify\">At the same time F.IM.PAR.CO. Spa, a company of CMB Group,purchased 14 residential units in the Piazza Mazzini area for around \u20ac4 million (equal to the book value at year-end 2016).<\/p>\n<p>The percentage of residential units sold rose from 57% to 74% following the sale of the 14 units to CMB Group.<\/p>\n<p>IGD will not be subject to any penalties\/indemnities as a result of the dissolution of the framework agreement.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>IGD announces the dissolution of the framework agreement \u00a0(\u201cAgreement\u201d) entered into with CMB Group Cooperativa Muratori e Braccianti di Carpi, relating to the Porta a Mare Project in Livorno.<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[90],"tags":[94],"class_list":["post-9468","post","type-post","status-publish","format-standard","hentry","category-no-price-sensitive-en","tag-operazioni-straordinarie-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/posts\/9468","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/comments?post=9468"}],"version-history":[{"count":2,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/posts\/9468\/revisions"}],"predecessor-version":[{"id":9515,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/posts\/9468\/revisions\/9515"}],"wp:attachment":[{"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/media?parent=9468"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/categories?post=9468"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/tags?post=9468"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}