Finalized the purchase of the mall in the “Torre Ingastone” shopping center, soon to be opened in Palermo
The total investment will amount to approximately €54.1 million, excluding taxes, €43.8 of which IGD has already paid in accordance with the preliminary agreement.
IGD – Immobiliare Grande Distribuzione SIIQ S.p.A., a company active in the retail real estate sector and listed on the Star segment of the Italian Stock Exchange, announces that today it finalized the contract for the purchase of the mall in the soon to be opened “Torre Ingastone” Shopping Center in Palermo from COGEI Costruzioni S.p.A., a company specialized in construction and real estate development.
The investment in thePalermoshopping mall will amount to approximately €54.1 million, excluding taxes, €43.8 million of which IGD has already paid, in accordance with the preliminary contract signed on 15 December 2005, for the purchase of an asset to be completed in the future.
The shopping center, which should be opened by the end of 2010, will include a mall with a GLA of 14,410 m2comprised of 62 stores, 5 of which midsize, and a hypermarket owned by Ipercoop Sicilia which has a sales area of 6,049 m2 and a total GLA of 11,117 m2. The pre-letting of the mall is proceeding with very satisfying results.
The shopping mall inPalermowill be the 17th inItalyand IGD’s third investment in southernItaly (the second in Sicily after Catania).
Claudio Albertini,Chief Executive Officer of IGD – Immobiliare Grande Distribuzione SIIQ S.p.A., stated: “I am very satisfied with this acquisition as it is further testimony to our Group’s timely delivery of the pipeline outlined in our business plan.The decision to finalize the purchase of the mall reflects our interest in further expanding our presence in southernItaly, as well: this center will be opened by the end of the year and the initial feedback we have received regarding pre-letting is very encouraging.Sicily, furthermore, is an area that still offers attractive growth opportunities in the retail sector which gives us clear advantages in terms of timing and the visibility of our yields”.
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