IGD sells a real estate complex in the heart of Bologna, on Via Rizzoli, to a premiere international investor
IGD – Immobiliare Grande Distribuzione SIIQ S.p.A. signed a preliminary agreement with a premiere international instituational investor, subject to conditions precedent, for the sale of a real estate complex in the heart of Bologna’s historic center, on Via Rizzoli.
The complex, comprised of properties that are adjacent and connected to one another, is spread out over 3 floors with a gross leasable area (GLA) of approximately 2,350 m2 and is leased entirely to two premiere retail tenants. IGD purchased the complex in 2011.
The definitive sales agreement will be signed by 30 June 2015 for consideration of €29.4 million. A down payment of €2.94 million will be made today and the balance will be paid at the closing. The total price is approximately 6% higher than the independent expert’s appraised value of the property at 30 June 2014.
“This sale, along with the sale made last year of the Fonti del Corallo shopping center in Livorno, demonstrates management’s full commitment to carrying out the disposal program outlined in the 2014-2016 Business Plan and is further confirmation of the value of IGD’s real estate portfolio”, Claudio Albertini, IGD’s Chief Executive Officer,stated.
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