Ikea takes another step towards an overall consolidation of its shopping center operations.
The Nordic branch, Ikano Retail Centres, will be moved to the new global company Ikea Centres.
The Ikea Group has entered into an agreement with Ikano Group to acquire the remaining 51 percent in Ikano Retail Centres. By Ikano Group remains thus banking, insurance and housing property operations.
Ikano Retail Centres has operations in Finland, Norway and Sweden and will complement the existing shopping center presence in Russia, Europe and China. Ikano Retail Centres has five completed shopping centers in Linköping, Sundsvall, Västeras, Kungens Kurva in Stockholm and Kuopio in Finland. The company also owns eight high volume retail centers. Apart from that, several ongoing or planned projects in the Nordics.
“By acquiring Ikano Retail Centres to Ikea Centres, we take an important step towards creating an attractive shopping center operations. By exchanging trends and ideas across continents, our centers offer exciting and inspiring experiences for visitors and new opportunities for employees, tenants and Ikea stores,” says Peter Agnefjäll, president and CEO of the Ikea Group.
When the transaction is completed, Ikea Centres will completely own and operate 58 shopping centers in Scandinavia, Europe, Russia and China. The market presence covers 13 countries and a total of more than 3.2 million square meters and about 400 million annual visits. Shopping centers are operated under different brands, such as Mega in Russia and Livat in China.
”With Ikano Retail Centres we further strengthen the expertise of the Ikea Centres with a specific Scandinavian Best Practice. The combination of shopping centers and retail experience will offer unique opportunities to jointly create tomorrow’s meeting places where people shop, meet, eat or engage in other activities. The possibilities are endless,” says John Tegner, president of Ikea Centres.
Ikea stores in the Nordic countries, even those built together with Ikano Retail Centres, however are owned by Ikea Properties that still operates outside Ikea Centres.
The transaction is expected to be completed by 31 March 2015. Two independent international rating agencies have been involved to determine the terms and agreements in the transaction process.
In December 2014 it was announced that Ikea Group acquired the remaining 51 percent of Inter IKEA Centre Group (IICG) from the Inter IKEA Group.
At the same time it was announced that Ikea Group is forming a new core area with the name Ikea Centres under the leadership of John Tegner was previously CEO of IICG.