Italian property company IGD has signed a preliminary agreement with Sviluppo Trapani for the purchase of a commercial gallery development in Trapani, Southern Italy, for EUR 54.67 mln.
Italian property company IGD has signed a preliminary agreement with Sviluppo Trapani for the purchase of a commercial gallery development in Trapani, Southern Italy, for EUR 54.67 mln.
The shopping gallery will comprise a total of 70 stores on a total gross lettable area of 14,409 m2. Tenants include the retail company Ipercoop that will occupy an area of 8,250 m2. Construction work is scheduled to start in June 2008, and opening is planned for the end of 2009.
Trapani's acquisition is part of IGD's growth strategy in the South of Italy, particularly in Sicily, one of the most populated Italian regions, and adds to the latest 2006 acquisitions in Palermo and Catania. 'The purchase of this gallery confirms the growth strategy of the group in the South of Italy and allows us to get closer to our 2005-2008 objective of investing EUR 810 mln,' stated IGD's managing director Filippo Carbonari.
IGD is one of the leading Italian players in the real estate sector and is specialised in retail properties. The company, listed on the Italian stock market, had a property portfolio of EUR 749.3 mln as of June 2006, comprising nine shopping galleries, 13 hypermarkets and three plots of land.