Igd sells a shopping centre in Romania (and closes first half year in profit after 3 years)

Igd - Immobiliare Grande Distribuzione - has signed, through its subsidiary Win Magazin, a definitive contract for the sale of a shopping centre belonging to the portfolio held in Romania to a private Romanian investor. The 'Winmarkt Central' shopping centre, the subject of the sale, is located in Vaslui, a city of approximately 55,000 inhabitants more than 300 kilometres north of Bucharest.

The centre covers an area of 3,621 square metres, full occupancy and houses 26 outlets including key tenants such as Carrefour Market, Pepco and Jolidon. The total value is approximately EUR 2.2 million, which is substantially in line with the book value. Costs related to technical upgrades remain the seller's responsibility.

This further disposal - a note underlines - confirms the validity of the new 'non-core' asset disposal strategy outlined in the 2025-2027 Business Plan, which began in February with the sale of the shopping centre in Cluj for EUR 8.3 million and continued in June with the sale of an asset in Alexandria for EUR 3.3 million.

"The positive outcome of the transaction that we are announcing to the market today gives us further impetus and confirms the validity of the path undertaken in the divestment programme," commented Roberto Zoia, CEO and general manager of Igd Siiq Spa. Igd will continue with determination in the implementation of the divestment plan, accelerating the sale of smaller assets and then focusing on medium-sized ones".

Igd Siiq closed the first six months of 2025 with a net profit of EUR 10.6m. This is the first half-year profit in the last three years, (in June the net loss was -32.5m). Net recurring profit (FFO) amounted to EUR 19.8m, (+8.2% on H1 2024, despite the change in the scope of the portfolio being more than offset by lower recurring financial expenses). Net rental income from mortgage-free properties amounted to EUR 50.1m (+2.9% on a like-for-like basis, while on a total network basis it was down -7.8% due to the disposal of the asset portfolio closed in April 2024). Core Ebitda stood at EUR 49 million (+1.4% on a like-for-like basis but down 4.9% on a network basis). As a percentage of gross revenue, it amounted to 71.7%. Igd also expects a positive trend in the second. As a result, the guidance on recurring net profit for the full year 2025 increased from €38m in March to €39m (+2.6%), with growth of +9.6% over the end of 2024.