IGD sells the mall of the Fonti del Corallo shopping center in Livorno to a private real estate fund managed by BNP Paribas REIM
Yesterday IGD – Immobiliare Grande Distribuzione SIIQ S.p.A. signed a preliminary agreement for the sale of the mall in the “Fonti del Corallo” Shopping Center in Livorno to a private real estate fund managed by BNP Paribas REIM Sgr, advised by CBRE.
The sale of the property which covers approximately 7,300 m2 should close by 28 February for consideration of €47 million. After the closing, IGD will continue to own the business division that manages the mall along with the relationships with tenants and will lease the property based on a long term lease. This agreement will make it possible for IGD to keep the network of the shopping centers managed unchanged. Fonti del Corallo in Livorno is of primary importance to this network as it is located in a region of particular interest to the Company’s business and also includes an Ipercoop with a sales area of approximately 8,500 m2 which IGD will continue to own.
“The sale of the mall found in the Le Fonti del Corallo Shopping Center to a primary institutional investor looking for consistent long term returns is in line with the disposal program outlined in the 2014-2016 Business Plan designed to optimize our financial structure”, Claudio Albertini, Chief Executive Officer of IGD SIIQ S.p.A. commented. “The value of the sale is in line with the estimated fair value of the independent appraiser at 30 June 2013 which confirms the work we have done over the years to maintain the high quality of our freehold assets”.
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