Listed Italian property company IGD Siiq has completed the purchase of 100% of the Katane shopping centre in Gravina, eastern Sicily, for a total investment of EUR 98.4 mln. The centre, which opened in May 2009, consists of a 15,000 m[sup]2[/sup] mall with 70 shops, as well as a 8,000 m[sup]2[/sup] hypermarket.
Listed Italian property company IGD Siiq has completed the purchase of 100% of the Katane shopping centre in Gravina, eastern Sicily, for a total investment of EUR 98.4 mln. The centre, which opened in May 2009, consists of a 15,000 m2 mall with 70 shops, as well as a 8,000 m2 hypermarket.
IGD also replaced Ipercoop Sicilia in the preliminary agreement for the acquisition of the hypermarket from Iniziative Immobiliari Siciliane, part of Ravenna-based Gruppo CMC. Ipercoop Sicilia is signing an 18-year lease agreement on the asset. Ipercoop Sicilia's shareholders consist of four large retailer cooperatives including Coop Adriatica which controls 41.5% of IGD's capital.
Claudio Albertini, CEO of Bologna-based IGD said: 'The centre was completely rented when it opened in May and has provided very encouraging traffic numbers. Furthermore, Sicily is an area where there is still considerable room for growth in retail.'
The acquisition of the hypermarket in Catania is the company's fourth transaction in 2009, following the acquisition of the Guidonia portfolio in March, a shopping mall in Catania in May and the Faenza centre at the beginning of October, representing a total investment of EUR 295 mln .
IGD has a real estate portfolio valued at EUR 1.5 bn mainly consisting of hypermarkets and shopping centres in Italy and Romania.
