March 23, 2018 / 4:23 PM / in 4 months

Italy's IGD Siiq aims at paying higher dividends in 2018

MILAN (Reuters) - Italy’s IGD Siiq aims to increase its dividends again this year after already raising by 11 percent what it paid to shareholders over last year’s results, the real estate group’s chief executive said on Friday.

“We intend to maintain at least the same dividend level, which is already very high, but our commitment is to increase it also next year and in the following ones,” Claudio Albertini told Reuters in an interview.

The first real estate investment trust (REIT) that was set up in Italy back in 2008 makes profits from renting spaces to retailers inside supermarkets, shopping malls and retail parks that make up the bulk of its 2.228 billion euros ($2.75 billion) portfolio.

The 2017 dividend will be paid once the group completes a cash call of up to 150 million euros to partially fund the acquisition of four shopping galleries and a retail park in Italy.

IGD’s main shareholder Coop Alleanza has already committed to buy into the capital increase. Albertini said he was confident that the other investor, UniCoop Tirreno, would also subscribe the cash call proportionally to its stake.

IGD’s boss also said he saw room for recovery in the company’s stock price, which lost around one third of its market value since the capital increase was announced on Dec 15.

Writing by Maria Pia Quaglia, editing by Francesca Landini

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