Italy’s IGD reportedly seeks to sell Romanian Winmarkt shopping centres

Immobiliare Grande Distribuzione (IGD) of Italy is reportedly seeking to sell, among other assets, the retail shopping centres operated in Romania under the brand Winmarkt and the office building owned in Ploiesti, according to Economica.net.

In total, the sale of the Romanian portfolio could bring the company EUR 120 million. At the end of last year, the properties were valued at EUR 122 million, down from EUR 128 million one year earlier.

The total leasable area of ​​the 14 shopping centers is 89,940 sqm, while the office building has a leasable area of 3,124 sqm.

At the end of March 2024, the shopping centers in Romania had an occupancy rate of 95.5%. 

The largest tenants in the entire Winmarkt portfolio are Carrefour and Pepco, each with 11 contracts, followed by Kik with seven contracts, and H&M and DM, each with five contracts.

The company’s most valuable asset is Winmarkt Ploiesti shopping centre, with a leasable area of ​​19,571 sqm and a market value of EUR 40 million. The main tenants here are H&M, Carrefour, Flanco, and Banca Transilvania.

Last year, the Romanian company through which shopping centers are operated, WIN Magazin, achieved a turnover of over EUR 10 million, up from EUR 9.3 million in 2022. The company reported a EUR 0.6 million net profit.

In 2008, IGD Group took over the Winmarkt shopping centers, in partnership with the company Inpartner Investitori & Partner Immobiliari, for EUR 182.5 million from the investment funds Ivington Enterprises Limited and Broadhurst Investments Limited.

Last fall, IGD was placed under supervision due to high debts. At the end of last year, the debts reached EUR 968 million.

iulian@romania-insider.com

(Photo source: Calinescu Silviu/Dreamstime.com)