Investor Relations

We are the leading listed company in our sector in Italy, with a proven track record of achieving goals.

The IGD Group is active in the retail real estate sector and is the Italian leader in shopping center properties. A story of continuous growth, we have been listed on Borsa Italiana’s Mercato Euronext Milan since 2005. We are part of the Euronext STAR (Segmento Titoli con Alti Requisiti) Milan, that is stock segment with high requirements) segment which comprises midsize companies with a capitalization of between €40 million and €1 billion that comply with specific standards of excellence in terms of transparency, liquidity (minimum float of 35%) and international corporate governance practices.

In 2008 we were the first Italian company to obtain SIIQ (Società di Investimento Immobiliare Quotata or real estate investment trust) status.

Our strategy is guided by the concept of sustainable growth.

Based on our business model we look for investments characterized by:

sound underlying real estate
specific management skills
highly visible cash flows
liquid shares traded on a regulated market.

/STOCK PERFORMANCE

2022-2024 Business Plan

In December 2021 we presented the new Business Plan with horizon 2022-2024 which has as its primary goal the proactive management of assets in order to prepare them for the future and the new market challenges.

After two difficult years due to the implications that the Covid pandemic had on business, our strategy expects, in fact, to return to organic growth based on sustainability and innovation.

The Plan is articulated into 4 operational areas:

All the strategic and operational guidelines set forth in the Business Plan operational areas, as well as the investment plan, to which the commitment to implementation is maximised, are confirmed.

However, in light of the significant worsening of the macroeconomic scenario started from 2022, which showed a significant deviation from the assumptions used in the 2022-2024 Business Plan, in January 2023 IGD announced to the market that some of the targets to 2024 set forth in the Business Plan presented on 14 December 2021, with particular reference to FFO and dividends, were no longer achievable.

Find out more on our strategy

In 2024, in light of the negative result recorded for 2023 by the parent company IGD SIIQ SpA, which voids the mandatory distribution requirement, and the terms and conditions of the note “€300,000,000 Fixed Rate Step-up Notes due 17 May 2027”, which prohibits IGD from distributing dividends in excess of what necessary to comply with the SIIQ regulations, IGD’s Board of Directors proposed to the Shareholders’ Meeting, to be held on 18 April 2024, not to pay dividends for 2023.

Find out more about our dividend policy

key figures (at 31 December 2023)

€55.4

million Fund from Operations

€9.22

EPRA NRV per share

€119.6

million Net rental income

Investment grade rating and bond issues

In May 2023 we executed a secured facility agreement pursuant to which the relevant lenders make available to the Company a green secured facility of Euro 250 million, with 5 years maturity. Green loans, after the first transaction in August 2022, rise to a total of €465 millions.
In November 2023 we completed a transaction that allowed us to entirely refinance the € 400 million bond expiring in November 2023; therefore we currently have in place two senior non-subordinated and non-convertible bonds of €310,006,000 and €57,816,000 respectively, both expiring in May 2027
On 13th November 2023, we redeemed in full the € 100 million Private Placement expiring in January 2024.
The credit rating agencies Fitch Ratings Ltd. and S&P Global Ratings confirmed their ratings on IGD (“BBB-” and “BB” respectively), with Stable outlook.