The new “Conè” shopping mall and retail park has opened today in Conegliano
- The expansion of the Group is continuing, as per the 2009 – 2013 Business Plan, with 4 shopping centers opened in 2009 and2 in2010.
- For the Retail Park IGD has already invested € 14 million following the purchase of the land and direct realization activity.
- By the end of 2010, IGD will buy from Coop Adriatica the shopping mall for an amount of 57 million euros plus VAT, calculated on the basis of an evaluation conducted by an independent appraiser, which will be paid on the signing of the final contract. Occupancy rate at 97%
IGD – Immobiliare Grande Distribuzione SIIQ S.p.A.leader in Italy in the ownership and management of shopping centers and listed on the STAR segment of the Italian Stock Exchange, announces the opening today of the “Cone’” Shopping Mall and Retail Park in Conegliano, near Treviso.
This opening follows the opening of the “La Torre” Shopping Mall in Palermo and falls within the 2009-2013 Business Plan of the Group which forecasted the opening of 4 shopping malls in 2009 (Guidonia, Catania, Faenza and Isola d’Asti) and 2 shopping malls (Palermo and Conegliano) in 2010, which are added to the portfolio of the 16 shopping malls already in Italy.
For the “Cone”Retail Park in Conegliano, IGD has planned an investment equal to 14 million euros for the purchase of the land and direct realization activity.
By the end of 2010, the Group will complete the acquisition of the shopping mall from Coop Adriatica SCARL, a related party as it is a controller of IGD with a share capital amounting to 41.497%, for a price of 57 million euros plus VAT. This amount has been determined on the basis of an evaluation conducted by an independent appraiser and will be paid upon the signing of the final contract. The transaction, for which no current or potential specific conflicts of interest can be seen as it has been defined according to market conditions, is part of the agreement between IGD and Coop Adriatica SCARL, the latter designated as the third, as already announced on December 11, 2008, which foresaw the investment by Coop Adriatica SCARL and the subsequent purchase of the Gallery by IGD, on condition that the entire Shopping Center was opened before 8th December.
Today, the occupancy rate of the Shopping Mall and RetailParkis already at 97%.
The “Cone’” Shopping Center in Conegliano covers a total gross floor area (GLA) equal to27,400 square metersand there are 1,550 parking places. Within the Centre, there is an Ipercoop hypermarket owned by Coop Adriatica, a gallery with 59 stores, including 5 medium-sized interior surfaces and 3 medium-sized exterior surfaces in the retail park.
The Shopping Mall and Retail Park in Conegliano arise in the heart of a region in transformation and are therefore destined to become the new gateway to the ancient city. Substantial public and private investment in the road network (new tollbooths on the A27 Venezia-Belluno, work on the highway and main roads) and the growing interest of private companies are, in fact, setting up this densely populated area as an out and out shopping, sport and leisure city.
For the Centre, IGD has created an attractive tenant mix involving both high-level national and international brands with a strong appeal, including Euronics in electronics, Maison Du Monde in the furniture sector, Cisalfa, H & M, Conbipel, Stradivarius, Alcott, Foot Locker, Jack & Jones and Marella for clothing. The gallery will also be further enhanced by a leading brand in the world co-operative Librerie.Coop.
“This new opening, which follows a few days after the one in Palermo, is part of the strategy that has been adopted over the last few years, which has included 6 new openings in the past two years,” said Claudio Albertini, Chief Executive of IGD – Immobiliare Grande Distribuzione SIIQ SpA “Now we are focusing more and more on the enhancement, the restyling of our shopping malls in the portfolio, as well as on the execution of our pipeline “
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