Also within this transaction, the Italians will entirely obtain Winmarkt Management company, specializing in professional management services, for 258,000 euros. "The restructuring process that led to the construction Winmarkt was consumed over ten years. It was time for a manager specializing in real estate, IGD, to add the brilliance that Winmarkt deserved. The Winmarkt Force lies in the location of the store.
If in the outskirts of the city there can be build two to five shopping malls, the center remains unique and will change in the location of luxury brands, as in all of Europe. A mall brings along size and variety, Winmarkt bring quality! "declared Siminel Andrei for Business Standard, Director for Romania of NCH Capital. Acquisition is expected to be completed in April.
IGD has also signed a preliminary agreement to purchase the Winmarkt shopping center in Sinaia, for 16.24 million euros, completion of these acquisitions is scheduled in 30 months. "In accordance with our business plan for 2008-2012, IGD takes advantage of an exciting opportunity to expand operations in foreign markets. With this acquisition, we took the first step in Romania, a country which had among the highest growth rates in the European Union, "said chief executive of IGD, Filippo Carbonari.
Regarding the impact that the transaction could have on the market in Romania, Andrei Vacaru, senior consultant at Retail Leasing and Consultancy Department of Jones Lang LaSalle, told Business Standard: "I don't think the deal is significant for Winmarkt's commercial market, because that's not a new product and requires some modernization. Also, do not know how profitable it was for the seller, because it is difficult to calculate a yield to such product, if we respect and that have a vacancy rate of 20%.
Perhaps the Italians from the IGD intention is to enter the development branch, of course, after strengthening the purchased products. Like Sonae Sierra, who initially purchased a mall, then started with the development. According to the press release issued by IGD, the total rents of the 16 properties in the Winmarkt Magazine portfolio will arrive in 2008 at 19.138 million of Euro.
IGD shopping centers that were going to take an average area of 9,000 rentable square feet and are located in cities with a population between 100,000 and 300,000 people respectively in Ploiesti, Buzau, Cluj, Galati, Alexandria, Bistrita, Piatra - Neamt, Ramnicu Valcea, Braila, Slatina ,Tulcea ,Turda ,Vaslui. IGD plans to invest 23 million euros for modernization and optimization of retail space taken from Winmarkt.
Winmarkt shopping centers include clothing and footwear shops, bank outlets, restaurants, pharmacies, electronics stores, home appliances and IT & C, bookstores, furniture stores, as well as accessories and jewelry stores. IGD Group is one of the leading retail players in Italy and owns a property portfolio which was valued in late 2007 at a value exceeding one billion euros. The company owns 13 hypermarkets, ten malls and a retail park and is listed on Borsa Italia.
IGD Group
- CEO Filippo Carbonari
- Revenue: 2006 66.4 million euros
- 2006 EBITDA 43 million euros
- Shareholders
- 41,5% Coop Ardiatica
- 13,6% Unicoop Tirreno
- 2,83% IGD Spa
- 43,03% Altii
Winmarkt magazine
- President Sergiu STAPLER
- Revenue 2006 * 15 million euros
- Shareholders
- Ivington Interprises
- Broadhurst Investments
*Consolidated sales of companies that still managed shops Winmarkt
Source: Standard Money, March 31, 2008
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