Ingka Centres announced this week that it is evaluating investment opportunities within 40 major cities across Europe, North America and Asia to create new mixed-use urban destinations.
Ingka - one of 12 different groups of companies that own and operate IKEA retail – entered the US market earlier this week with the acquisition of the 6X6 building in downtown San Francisco from MSP Property, a company controlled and owned by Alexandria Real Estate Equities Inc. and TMG Partners. C&W is believed to have advised Ingka on the deal.
The operation, which will see Ingka Centres transform the site into a new IKEA-anchored urban, mixed-use destination, follows a similar investment in London’s Hammersmith earlier this year and is part of a Ingka’s new strategic vision.
The company announced in 2018 that it planned to invest €7.3 bn to transform its business in response to the changing retail environment.
‘Our urban projects are all about getting closer to our customers,’ said Gerard Groener, Ingka Centres' general manager. ‘6X6 is an impressive six-floor glass building, with smart modern design and internal areas that provide the ideal canvas to create something truly spectacular. We believe Ingka Centres can transform the performance of well-located assets like 6X6 by aligning their offers to how people want to spend their time. We're so excited about the potential that 6X6 building represents to Ingka Centres and local communities.’
All anchored by Ikea stores, these urban projects are designed to complement the strategy of opening smaller format stores within city centers in response to global urbanization trends, changing customer behavior and the digitalization of retail.
