IGD SiiQ

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Our History

  • 2016
    2016
    2016: Business Plan update, achievement of significant financial efficiency targets following the Moody's rating and acquisition of Maremà shopping center in Grosseto

    On 10 May 2016 the Board of Directors approved the update of the previous Business Plan, which was launched on 7 May 2015. The new Business Plan, which focuses on 2016-2018 period, while unchanging the original strategic guidelines, revised in an even more challenging key the 2018 targets to take into account the new aspect of the portfolio and the more efficient financial structure that IGD has in the meanwhile gained.

    An important goal provided by the path traced by the Plan has already been achieved in May 2016, with the assignment of the rating Baa3 by Moody's and the important € 300 million bond issue with maturity of 5 years, which, thanks to the credit merit in "investment grade" area, it was possible to successfully place at a rate of 2.5%: a level that represent the lower cost of money in IGD's history. Moreover in December there was a secon bond issue through a private placement of a € 100 million 7-year bond with a gross annual coupon of 2.25%, completed on the US market. This transaction settled in January 2017.

    On 27 October 2016 opened Maremà shopping center in Grosseto, of which IGD purchased the mall in December for a total amount of € 46.6 million. The mall has a GLA of 17,110 m² and it's comprised of 44 shops and 7 mid-sized areas. Thanks to the exciting commercial offering, traffic flows in the first few weeks following the inauguration reached levels unseen at midsize centers for many years.

  • 2015
    2015
    2015: New Board of Directors. New portfolio perimeter.

    The Shareholders' Meeting held on 15 April 2015, elected the new Board of Directors and Board of Statutory Auditors. Following the shareholders' meeting resolution, some important changes took place in IGD's governance: the reduction of the number of Directors from 15 to 13, the appointment of the minority list candidate as Chairman of the Board of Statutory Auditors and one American Director elected from the list of IGD main institutional shareholder: Quantum Strategic Partners which owns 5.05% of the share capital.

    On 7 May 2015, IGD's Board of Directors approved the new 2015-2018 Business Plan. Over the next few years IGD intends to continue along the sustainable growth path which also characterized the last years, despite the difficult external context with the aim to confirm its positioning as leading owner and manager of shopping centers in Italy.

    On 14 May 2015, IGD inaugurated the retail park Clodì in Chioggia (VE), a new freehold property. The retail park, which consists of an hypermarket, 6 medium surfaces and 8 shops, required an investment of € 36.7 millions.

    Looking at the policy of assets rotation, at the end of May a disposal was also completed: IGD sold to UBS Real Estate GmbH the  Rizzoli city center, in the historic heart of Bologna, for a total amount of  €29.4 millions.

    On 16 December 2015, at last, IGD finalized the purchase of an important shopping mall, comprised of 97 units: puntadiferro mall in Forlì. The operation, of a total amount of € 127.9 million, was partially financed by revenues from a share placement with qualified investors (3 December 2015), which led to the collection of about € 50 million.

  • 2014
    2014
    2014: sale of a mall and of tresury shares, the third DRO, announcement of a €200 million capital increase and the acquisition of a "core" portfolio

    In accordance with the 2014-2016 Business Plan, on 14 February IGD took advantage of a favorable market to dispose of Le Fonti del Corallo mall in Livorno for €47 million, in line with its book value.

    On 3 March the Company also sold a block of treasury shares, amounting to 3.15% of IGD's share capital, to Quantum Strategic Partners Ltd., which generated proceeds of approximately € 12 million. Currently the US fund, which also purchased an interest of approximately 1.8% from Unicoop Tirreno, holds 5.05% of IGD's capital. 

    On 11 April a € 150 million private placement of unsecured senior notes, due January 2019 with a coupon of 3.875%, was completed with Morgan Stanley.

    In 2014, for the third year in a row, the Dividend Reinvestment Option was also proposed: subscriptions for the offer, which closed on 30 May 2014, reached a record level of 77.8%, and resulted in the gathering of € 14.05 million in fresh funds.

    Lastly, on 7 July, a € 200 million capital increase was announced in order to, in part, finance the acquisition of 5 strategic assets valued at € 94.8 million and, for the remainder, increase the Group's financial solidity. The operation was successfully concluded on 24 October.

    In December, it has been announced the acquisition, finalized than in January 2015, of 20% of UnipolSai Investimenti SGR, mean dedicated to the promotion of initiatives in the retail real estate sector.

  • 2013
    2013
    2013: second Dividend Reinvestment Option and the new 2014-2016 Business Plan

    In 2013 the Dividend Reinvestment Option was offered for a second time which gave shareholders the chance to reinvest up to 80% of the gross dividend received in IGD shares at a price of €0.75 per share through subscription of a reserved capital increase. As a result of the transaction the Company gathered new proceeds of €13.5 million.

    The 2014-2016 Business Plan was presented on 19 December which, for the first time, includes targets for sustainability. Despite the profound changes that have impacted the reference business environment, the strategic guidelines remain those of the prior planning period, with the exception of greater asset rotation: over the three-year period, in fact, disposals of approximately €190 million are called for.

    At the end of April 2013 the offer to exchange the convertible bonds "€230,000,000 3.50 per cent. Convertible Bonds due 2013" with newly issued senior notes was completed with acceptances reaching €122.9 million. IGD also placed residual new notes amounting to €22 million with qualified institutional investors. On 7 May, therefore, IGD issued new notes with a nominal unit value of €100,000 for a total nominal amount €144.9 million.

  • 2012
    2012
    2012: first Dividend Reinvestment Option and new 2012-2015 Business Plan

    A Dividend Reinvestment Option – the first transaction of this sort to be offered not only by IGD, but by an Italian company, was launched in 2012.  The Dividend Reinvestment Option gave shareholders the possibility to reinvest up to  80% of their gross dividends in IGD shares at a price of €0.64 per share by subscribing a reserved capital increase.  As a result, the Company also benefitted from a recapitalization of €13.3 million.

    On 3 October 2012 the new 2012-2015 Business Plan was presented which, with respect to the past, focuses more on operational and financial sustainability in order to maintain a prudent and solid profile, as well as limit, to the extent possible, execution risk to exogenous factors. The Plan calls for an EBITDA Margin target of more than 71% by 2015.

  • 2011
    2011
    2011: Asset rotation begins with the acquisition of the first property in a historic city center

    In 2011 IGD has given creation to the provisions of the guidelines drawn in the Strategic Plan 2009-2013.
    Has in fact acquired a property in commercial use in the historic center of Bologna, in Via Rizzoli, as required for the expansion of the types in the portfolio of so-called "city center assets."
    In addition, following the guideline of an assets rotation to maintain consistently efficient allocation of capital, promptly reinvest the resources released from the sale of the centers controlled by the RGD's JV with the acquisition of two hypermarkets in the centers of Palermo and Conegliano, where it already owned the gallery since 2010.

  • 2010
    2010
    2010: IGD opened two new shopping centers and sells 50% stake in RGD

    With the Christmas season approaching, IGD opened a few days apart from each other two important shopping centers. The first one, "La Torre" shopping center in Palermo, opened on 23rd November. The second opening, on 25th November, concerns the "Conè" shopping center in Conegliano, with an adjoining retail park.

    The sale to Beni Stabili of 50% interest in Beinasco and Nerviano shopping centers, carried out in December through the transfert of the stake that IGD had in the joint venture RGD, make a move in the direction of the real estate portfolio rotation, according to the new strategic guideline presented in November, with the revision of the 2009-2013 business plan.

    At the 31 December 2010 the market value of IGD's portfolio exceeded €1.8 billion according to an independent appraisal by CBRE.

 
 
 
 
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