Fund managed by Intermediate Capital Group plc (LSE:ICP) and Immobiliare Grande Distribuzione SIIQ S.p.A. (BIT:IGD) signed an agreement to acquire Portfolio of stand alone hypermarkets and supermarkets from Immobiliare Grande Distribuzione SIIQ S.p.A. (BIT:IGD) for €140 million, in an equity reinvestment deal on October 21, 2021. Intermediate Capital Group plc will hold 60% stake and Immobiliare Grande Distribuzione SIIQ SpA will hold 40% stake post acquisition. Intermediate Capital Group secured €77 Million Financing For The Acquisition.

The properties will be transferred to a closed end real estate investment fund (an Italian REIF) invested by Intermediate Capital Group (ICG) and Immobiliare Grande Distribuzione (IGD) and managed by Savills Investment Management SGR S.p.A. of which ICG will hold a 60% shares and IGD the remaining 40%. Net of the amount reinvested in the fund, IGD will receive roughly €112 million for the sale at the time of the closing. The disposal of the portfolio was already part of the Business Plan 2019-2021.

The portfolio comprises 5 hypermarkets (located in Livorno, Schio, Lugo, Pesaro and Senigallia) and 1 supermarket (in Cecina), which generate net rental income of approximately €7.7 million per year with long-term leases. The transaction is subject to receiving a loan for at least 50% of the asset's value. The transaction is expected to close November 25, 2021.

Filippo Cecchetti, Carmen Chierchia and Andrea Di Dio of DLA Piper Italy LLP acted as legal advisor to Intermediate Capital Group. Jones Day advised Banco BPM S.p.A., Monte dei Paschi di Siena with a team including Francesco Squerzoni (Finance). Marina Balzano and Emanuela Molinaro of Orrick Herrington & Sutcliffe LLP acted as legal advisor to IGD SIIQ.