IGD Siiq's Bricchi mall opens its doors in Northern Italy

Italian listed commercial property company IGD Siiq has opened its Bricchi shopping centre in the Northern Italian city of Isola d'Asti. The mall, consisting of around 18,220 m² of gross lettable space across 25 shops, represented an investment of EUR 45 mln for the Bologna-based property company. The scheme is anchored by a 6,535 m² hypermarket operated by Il Gigante and offers 1,450 parking places.

IGD has leased 22 stores in the shopping centre with the remaining retail units expected to be let by the first half of 2010. Major tenants in the mall include Deichmann, Calzature, BonPrix, Game7 Athletics, Blue Spirit and GameStop. The complex has a catchment area of 212,000 inhabitants within a 30-minutes drive, IGD Siiq said.

I Bricchi is the company's fourth shopping centre opening in 2009, following the Tiburtino mall in Guidonia, on the outskirts of Rome, the Katané centre in Gravina, Sicily, and the Le Maioliche scheme in Faenza.

IGD Siiq saw net profit drop by 64% in the first nine months of the year to EUR 15 mln from EUR 41 mln in the same period a year before. Revenues increased by 21.5% to EUR 89 mln year-on-year. The growth was mostly due to the EUR 12 mln increase in rental revenues generated by the recent acquisitions of the Gran Rondò mall in Crema, and by the opening of new malls during 2009.