Multinational retail giant Ikea has bought out the remaining 51% of its retail centre division Ikea Centre Group to form a new fully owned company.
Multinational retail giant Ikea has bought out the remaining 51% of its retail centre division Ikea Centre Group to form a new fully owned company.
The transaction allows Ikea Group to merge its shopping centres in Russia and China with its European retail outlets.
The new company, Ikea Centres, will own 45 shopping centres in 11 countries, of which 14 will be in Russia, totalling 3 million m2 of floor space. The Russian and Chinese stores will continue to operate under their respective brand names of MEGA and LIVAT.
Erik Øster Pedersen, responsible for the transaction at Ikea Group, said: ‘Forming one company will enable us to further strengthen the relationship with our tenants and visitors globally and work more efficiently.’
The transaction is expected to be completed by December 31.
