Swedwood completes EUR 135m complex in Portugal

Swedwood Group, Ikea's wholly-owned industrial unit, inaugurated its first industrial complex on the Iberian peninsula on Friday. The project in Paços de Ferreira in northern Portugal involves an investment of more than EUR 135mln and has created around 550 jobs.

Ikea, which has two stores in Portugal, located in Alfragide and Matosinhos, is currently developing another store in Loures. In the north of the country, the group's Inter Ikea Centre Portugal (IICPT) unit is investing EUR 170mln in the development of the Matosinhos shopping centre in the city of Porto. The retail project, scheduled to open in the third quarter of 2008, will offer more than 100,000 m² of retail area on two floors, including a 36,000 m² Ikea store and a 4,000 m² food court, as well as 5,100 parking spaces. Jones Lang LaSalle's retail department is marketing the asset.