8 August 2014 8:32
Price Sensitive extraordinary operations

Agreement between IGD and UnipolSai for the promotion of real estate funds specialized in the commercial/retail segment

Today IGD – Immobiliare Grande Distribuzione SIIQ S.p.A. (“IGD”), one of Italy’s leading owners and managers of retail shopping centers listed on the STAR segment of the Italian Stock Exchange, and UnipolSai Assicurazioni S.p.A (“UnipolSai”) signed an agreement for the promotion of real estate funds specialized in the retail/commercial segment.

The project calls for IGD to purchase 20% of the share capital of UnipolSai Investimenti SGR S.p.A., a wholly-owned subsidiary of UnipolSai, for €4.2 million and the future creation, within the former, of a division specialized in the formation and management of closed-end real estate funds focused on the commercial/retail segment.

UnipolSai Investimenti SGR currently manages core real estate funds reserved for qualified investors with assets under management of approximately €500 million (figures at 31 December 2013).

This transaction will make it possible to further enhance the vast experience and professional expertise of UnipolSai in the asset management of large real estate portfolios, and IGD, one of the leading owners and managers of shopping centers in Italy which also provides facility and marketing services, developing synergies and taking advantage of the potential of commercial real estate, a segment in Italy in which international institutional investors have begun to show renewed interest.

The transaction, is subject to the authorization of the Bank of Italy.