IGD evaluates Winmarkt portfolio at EUR 204 million

Newsroom 02/09/2008 | 15:33

The evaluation was made at the end of the first half of this year, according to the Italian company's financial report.
The portfolio, made up of 15 Winmarkt stores, has provided a 9.81 percent yield, while an office building, rented to a bank and evaluated at EUR 4.1 million, came with an yield of 9.13 percent.
The Italian owners estimate they will make EUR 25 million of investments in the next five years in their Romanian portfolio. IGD has partnered InPartners Spa in the deal, with the latter receiving a 10 percent minority share package in Win Magazine SA, the company which owns the Winmarkt portfolio.
The portfolio comprises 147,000 sqm of shopping area in 14 Romanian cities. IGD has also signed an agreement to buy the Winmarkt shopping center in Sinaia, for EUR 16.24 million. This takeover is supposed to be completed in 30 months and is set to reach a rent level of EUR 1.35 million, after the center is modernized. IGD also owns Winmarkt Management, for which it paid EUR 258,000. IGD grew its revenues by 27 percent in the first half of the year, to EUR 45.5 million, while its profit went up by 43 percent, to EUR 34.2 million. The value of its entire portfolio grew by 25 percent in the first half of the year, to some EUR 1.26 billion.
Corina Saceanu

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