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IGD acquires remaining 10% stake in WinmarktUpdated: 22-04-2010 | Business
Italy-based Immobiliare Grande Distribuzione (IGD), that already held 90% stake in Winmarkt store chain in Romania, said it has acquired the remaining 10% interest in the company, for which the real estate company has paid Euro 21 million. "Immobiliare Grande Distribuzione has signed a preliminary agreement for the purchase of the remaining 10% Win Magazine S.A.'s share capital from Investitori & Partner Immobiliar S.p.A. IGD, through its subsidiary Larice S.R.L already controls 90% of Win Magazine", the real estate company said.
The deal, estimated at Euro 21 million, will fetch IGD Winmarkt's full property portfolio that includes 15 shopping centers and an office building in Ploiesti.Two years ago, Immobiliare Grande Distribuzione paid Euro 182.5 million to NCH Advisors, administrator of U.S. Broadhurst fund's operations in Romania, to takeover the 15-units Winmarkt chain and a commercial real estate that was up for lease.In March, Winmarkt and German retailer dm drogerie markt signed a ten-year agreement for the leasing of 350 sqm in Somes shopping center in Cluj-Napoca. IGD's property portfolio in Italy and Romania was valued at Euro 1.7 billion at the end of last year.
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