Ingka Investments acquires London asset for €446m
Ingka Investments has signed an agreement to acquire a property at 214 Oxford St. (Oxford Circus) in London for €446 million ($517 million).
Part of the vacant retail space will be used by IKEA U.K. & Ireland. The investment supports the transformation of Ingka Group’s retail business, bringing IKEA closer to customers by opening new IKEA store formats in city locations, in response to increasing urbanization and new shopping behaviors. The property comprises a total of 22,200 square meters (238,958 square feet) over seven floors, with retail space on six floors. It will host IKEA U.K.’s second smaller-store format and will follow the opening of IKEA Hammersmith later this winter.
Since 2019 Ingka Group has opened stores and shops in major cities, such as Tokyo, Madrid, Moscow, Paris and New York, as well as planning studios in Vienna, Barcelona, Berlin and Prague — bringing the IKEA home-furnishing offer to many more people, while always closely integrated