IGD's Headquarter in Bologna

IGD Immobiliare Grande Distribuzione, listed on the Italian Stock Exchange since February 2005, was the first Italian company to obtain the status of SIIQ – Società di Investimento Immobiliare Quotata (real estate investment trust).

IGD was born following the transfer of a large part of the real estate assets owned by Coop Adriatica and Unicoop Tirreno, the two majority shareholders who today control 55.1% of IGD’s capital. The goal was to consolidate the experiences matured previously in the real estate sector through the creation of a specialized company, capable of working competitively in the sector. This objective was achieved in full, as the level of profitability and the growth obtained from the IPO through today are testimony, thanks also to an effective governance structure.

IGD's consolidated revenues total Euro 122.4 million at 31 December 2010, of which Euro 30.9 million are from related parties. At the closure of the first half of 2011, consolidated revenues amounted to 61.7 million euros.

IGD’s portfolio, which has a market value of €1.89 billion*, consists solely of the retail segment. In Italy it includes 49 properties, mainly represented by malls and hypermarkets, distributed over 11 different regions. IGD’s Romanian portfolio is comprised of 15 shopping malls and one office building.

IGD has a selective investment policy; at the time of the IPO it launched an investment plan of €810 million. Then in 2007 the company launched a new plan, for an additional €800 million, involving investments the majority of which were already contemplated in preliminary contracts. The new business plan 2009-2013, presented in November 2009, confirmed all the previous projects and included Euro 150 million of new investments in shopping malls to be carried out in the historic center of two major Italian cities. In November 2010 the update of the plan included an additional 100 million related to a policy of portfolio turnover. The total new investment plan with a horizon to 2013 amounted then to Euro 850 million.

* CBRE and REAG’s independent appraisal at 30 June 2011