Italian REIT Immobiliare Grande Distribuzione (IGD SIIQ) has signed a preliminary agreement with Leggenda, part of clothing group Stefanel, to buy a high-street asset on Bologna's main shopping street, Via Rizzoli, for around EUR 25 mln, plus tax and other charges. The deal is expected to close by April 15.

The asset offers 2,350 m2 of gross lettable area fully rented with long-term contracts to Apple and MelBooks. IGD SIIQ said the transaction is in line with its new 2009-2013 business strategy to invest in city-centre projects in Italy's most important cities.

'We are very satisfied with this transaction, testimony to the timely delivery of the new 'city-centre project' strategy,' said Chief Executive Claudio Albertini.

IGD SIIQ develops and manages shopping centres throughout the country and has a significant presence in Romania. Its real estate portfolio is valued at roughly EUR 1.8 bn.