Italian listed retail investor Immobiliare Grande Distribuzione (IGD) Siiq has acquired a hypermarket at the Cone shopping centre and retail park in Conegliano Veneto, northern Italy for EUR 23.5 mln.

The vendor is Coop Adriatica, the majority shareholder of IGD Siiq. The food retailer has agreed to lease back the 9,500-m2 asset with an 18-year firm lease agreement.

On completion of the deal, IGD will be the sole owner of the Cone shopping centre, which offers 27,400 m2 of retail space and 1,550 parking spaces. It was opened in November 2010 and is currently 97% let.

The acquisition was funded with the proceeds generated in December 2010 through the sale of IGD's stake in the RGD partnership to Beni Stabili, the company said, adding that the operation will allow it to take advantage of development opportunities in the scheme.

IGD SIIQ develops and manages shopping centres throughout Italy and Romania with a portfolio valued at EUR 1.8 bn at year-end 2010.