An investment fund managed by billionnaire financier George Soros' fund business has acquired a 5% interest in Italian REIT Immobiliare Grande Distribuzione SIIQ.
An investment fund managed by billionnaire financier George Soros' fund business has acquired a 5% interest in Italian REIT Immobiliare Grande Distribuzione SIIQ.
Quantum Strategic Partners, a private investment fund managed by Soros Fund Management, has built up the stake with the acquisition of 6.4 million shares from shareholder Unicoop Tirreno and a further 11 million treasury shares from IGD.
The acquisition makes Quantum the third-largest shareholder in the Bologna-based shopping centre owner.
Soros Fund Management is a privately held American investment management firm currently structured as a family office but formerly a hedge fund.
The transaction is expected to close by 5 March 2014.
IGD was advised by law firm Chiomenti Studio Legale.
IGD SIIQ is a major owner of shopping centres throughout Italy and also has a significant presence in Romanian retail distribution. Listed on the Star Segment of the Italian Stock Exchange, IGD has a real estate portfolio valued at around €1.8 bn.
