Italy's IGD to buy new shopping centre in Tuscany

Italian REIT IGD has signed a preliminary agreement to buy a shopping centre in southern Italy for around €45 mln.

The 17,050 m2 centre in Grossetto, Tuscany, is under construction with completion scheduled for the second half of 2016. IGD expects the gross initial yield to be above 7%.

The site is being sold by Unicoop Tirreno, which will continue to own and operate a hypermarket accounting for 7.346 m2 of the total lettable area.

Claudio Albertini, CEO of IGD, said: ‘The acquisition of this mall represents an interesting commercial opportunity which provides us with an opportunity to enter a particularly important area with a low density of shopping centres, like southern Tuscany, a strategic region for us.’