Italian real estate operator Immobiliare Grande Distribuzione (Igd) aims to partly refinance close to €1 billion of debt with the divestment of €200 million of supermarket and hypermarket assets this year.
The group has already issued €400 million in bonds in 2019, due next November, and plans to issue more this year.
As well as retail assets, the real estate firm is also looking to divest a number of assets in Romania, as well as three development sites in the Porta a Mare project in Livorno.
The company's debt currently stands at €970 million, an amount it hopes to reduce through refinancing and divestments.
'Very Positive'
Igd's share price has fallen by around 25% in the past year, but the company is still confident about its future.
Igd's CEO, Claudio Albertini, said that the outcome of the November refinancing was "very positive."
The company has been refinancing its debt for the past two years, and it has now refinanced almost 90% of its overall debt.
Elsewhere, Igd is planning to redevelop the Leonardo Center in Imola in 2024, a shopping mall project that should be completed at the beginning of 2025. This project is in line with the group's 2022-2024 industrial plan, which envisages investments totalling approximately €80 million.
About Igd
Igd is a real estate investment company listed on the Milan Stock Exchange, controlled by Coop Alleanza 3.0 (with 40.92%) and Unicoop Tirreno (9.97%). It develops and manages a number of shopping centres in Italy, also boasting a presence in Romanian retail distribution.
The real estate assets, valued at over €2 billion, include 19 hypermarkets and supermarkets, 27 shopping malls and retail parks, and various other assets.
In the first nine months of 2023, sales in the group's malls grew by 6.2%, while sales in hypermarkets and supermarkets stores rose by 4.9%. Revenues from rental activities totalled €105.3 million (+3.2%), while EBITDA stood at €80.7 million (+6.6%). Net debt stood at €970 million.
