Many new developments in IGD’s Investor Relations
During the first part of 2017 IGD continued with its Investor Relations’ activities, organizing an intense schedule of meetings which made it possible for top management not only to effectively cultivate relationships with domestic and international investors, but also to meet new institutional investors, interested in knowing more about the Company. IGD decided to include new conferences, new presentation formats and new geographies in this busy schedule.
We spoke to Raffaele Nardi, Head of Planning, Control and Investor Relations in IGD.
Mr. Nardi, what was new about the meetings set up with investors in the first part of 2017?
Firstly, we could count on the support of a grand total of five brokers (one of which – Jefferies – we had never worked with before), which made it possible to cover a large number of the European financial centers. We met with institutional investors in London, Paris, Amsterdam, Brussels, Luxembourg and Milan: cities that we have visited regularly once or twice a year. This year we expanded our reach to include Copenhagen, Helsinki and Stockholm, where we went on a roadshow in January. We felt that the Scandinavian asset management companies, who look for long-term value investments, would make an ideal target for a REIT like IGD.
So new brokers and new markets in 2017
Not only. We participated in new events: in May, the Unicredit Kepler Cheuvreux Italian Investment Conference and, in July, the first Italian Sustainability Day organized by the Italian Stock Exchange. During this second event IGD was one of the 17 Italian companies which introduced themselves to generalist investors looking to focus on ESG (Environment, Social & Governance) or specialized SRI (Socially Responsible Investment) funds which amounted to a total of around 90 institutions. Our agenda included two “mainstream” funds and an ethical fund interested in better understanding IGD’s policies and approach to sustainability. We focused our presentation on the five pillars guiding the way we do business based on the material analysis we have been conducting since 2014.
What other IR formats did you try in 2017?
On 14 and 15 June we held the first Investor Day in IGD’s history. Some time ago we perceived the value of organizing an event during which investors could meet IGD’s entire management team, the IR team and the first line of the operating staff, namely the head of the commercial division, of the fit-outs, of sustainability, in addition to the heads of the different shopping centers. Each year we often organize field trips during which we take investors to visit our shopping centers, primarily Centrosarca in Milan or Tiburtino in Rome. This time we decided to focus on our core region, Emilia Romagna, and included visits to both the Puntadiferro mall in Forlì, acquired in December 2015, and Centro ESP in Ravenna, where the extension was inaugurated on 1 June 2017. On the way back we also showed our guests the exterior of Centro Le Maioliche in Faenza.
What feedback did you receive?
The brokers and investors present expressed their appreciation of the professional expertise and the cohesion of the team of managers they met. In terms of assets, they noted that the catchment areas which these centers dominate are full of activity and well populated. Lastly, we received a lot of positive feedback about the excellent shape and appeal of the properties.
Will you repeat this type of event?
Most certainly. We intend to organize another Investor Day, possibly combining the visit to the shopping centers and the meeting with management with a more institutional type of presentation like, for example, the update of the Business Plan.
So is that all the news for 2017?
Absolutely not. In November we are slotted to participate in the conference that the Italian Stock Exchange is holding in New York and in Toronto: while we have already been to New York, for us Canada represents a new frontier.
Buon lavoro, then!
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