Starwood Capital Group Management, L.L.C., Sixth Street Partners, LLC and Prelios SGR SpA entered into a preliminary agreement to acquire Real estate portfolio of 13 assets from Immobiliare Grande Distribuzione SIIQ S.p.A. (BIT:IGD) for approximately ?258 million on February 23, 2024. The portfolio is made up of 8 hypermarkets located in Chioggia, Porto d?Ascoli, Rome, Rimini, Conegliano, Ascoli Piceno and 2 in Bologna, 3 supermarkets located in Civita Castellana, Ravenna and Rome and 2 shopping malls which are located in Bologna and Chioggia. The assets generate a net rental income of ?17 million per year.

IGD will collect approximately 155 million euros from the sale for the sale of the shares at the time of closing. In this regard, it is specified that the completion of the transaction is not subject to obtaining financing or other conditions precedent. The assets will be transferred through the fund, named the ?Food Fund?; 60% of the fund will be held by a Luxembourg-based vehicle (with Sixth Street and Starwood owning 50% each), while the remaining 40% will be held by IGD.

Will Bryant and Chris Agnoli of Ropes & Gray International LLP acted as legal advisor to Sixth Street; and Emanuela Molinaro, Francesca Giammarino and Luigi Toscano of Studio Legale Associato in Association with Simmons & Simmons acted as legal advisor to Immobiliare Grande Distribuzione SIIQ S.p.A.