Igd, focus on asset disposals and financial maturity management

There is also a new Services Business Unit dedicated to the management of assets owned by third parties, an activity that Igd has been offering for years, but which it wants to significantly strengthen. "We have arrived at 28 assets managed for third parties," says Zoia, "including the facilities relating to the most important sale made this year, concerning the portfolio of 13 assets acquired from Sixth Street and Starwood Capital for €258 million (once the sale is complete, the property portfolio is now worth €1.7 billion, Ndr).

The investment pipeline of the 2025-2027 business plan will have three main objectives: to maintain a portfolio of modern and attractive assets for visitors and tenants; to support the transformation of shopping centres into innovative ecosystems, including through investments in technology and digital; and to reduce the carbon footprint of the portfolio, with measures aimed at reducing energy consumption and emissions. With the aim of increasing average receipts, but also of redistributing the dividend.

The plan will also include a divestment and asset rotation strategy, with divestments potentially totalling EUR 100-120 million. Primarily, the divestment of assets in Romania.

'We intend to continue the divestment path identified in the 2022-2024 business plan by now working on the targets consisting of the Romanian portfolio and the three plots of land still to be developed as part of the Porta a Mare Project in Livorno,' the top management concluded.

As part of the Porta a Mare project, in addition to the completion of the sale of all residential units (out of a total of 115 flats built, only seven units remain in the Officine Storiche complex), Igd intends to dispose of the three plots of land relating to the Molo Mediceo, Lips and Arsenale sub-areas, which have mixed residential, tourist-hotel, tertiary and nautical-related uses.