IGD SIIQ, the sole Italian real estate investment trust, has acquired a commercial gallery and office building which form part of the Gran Rondo shopping centre in Crema, Northern Italy from Immobiliare Gran Rondo. The investment amount comes to EUR 52.3 mln, of which EUR 29.3 mln have already been paid by IGD and the rest due by 2011.
IGD SIIQ, the sole Italian real estate investment trust, has acquired a commercial gallery and office building which form part of the Gran Rondo shopping centre in Crema, Northern Italy from Immobiliare Gran Rondo. The investment amount comes to EUR 52.3 mln, of which EUR 29.3 mln have already been paid by IGD and the rest due by 2011.
The property consists of 38 shops and offices and covers a gross surface of 11,400 m2. The space is fully let to Immobiliare Gran Rondo on a fixed six-year lease term with a renewable option.
Filippo Carbonari, CEO of IGD SIIQ, said: 'This transaction is in line with our strategy aimed at focusing on investments which generate immediate income and which help reduce the risks of our real estate portfolio.'
Italy introduced legislation at end-2006 facilitating the launch of REIT structures, known in Italy as SIIQs, but IGD is to date the only real estate firm to convert.
