IKEA plans €1bn sale of Euro­pean re­tail park as­sets

Irish Independent - Business Week - - COMMERCIAL PROPERTY - Dahlia Fahmy and Jack Sid­ders

IKEA, the world’s big­gest fur­ni­ture re­tailer, plans to sell about €900m of Euro­pean re­tail parks sur­round­ing its stores, ac­cord­ing to peo­ple with knowl­edge of the mat­ter.

Ikea has hired Cush­man & Wake­field to help mar­ket the as­sets, two of the peo­ple said. The peo­ple asked not to be iden­ti­fied be­cause the in­for­ma­tion is pri­vate. A spokes­woman for Ikea, con­firmed that the com­pany plans to sell 27 Euro­pean re­tail parks. She de­clined to com­ment on the value or the ad­viser. A spokesman for Cush­man & Wake­field de­clined to com­ment.

Buy­ers are in­vest­ing record amounts in Euro­pean shops to ben­e­fit from the re­gion’s grow­ing econ­omy and ris­ing prop­erty val­ues. Shops val­ued at €69bn changed hands last year, 31pc than in 2014, ac­cord­ing to data com­piled by CBRE.

Twelve of the re­tail parks are in Ger­many, with the rest scat­tered across Poland, Swe­den, France, Fin­land, Switzer­land and the Czech Repub­lic, Thorell said. Ikea will have 25 parks left in Europe after the sale is com­plete, she said.

The plan is tied to Ikea’s strat­egy of only keep­ing prop­er­ties that al­low it to col­lab­o­rate with nearby ten­ants and cre­ate “in­spir­ing and fam­ily-friendly meet­ing places,” Thorell said.

“We’re sell­ing the Ikea parks that don’t fit that vi­sion,” she said. “We’re not sell­ing ev­ery­thing.”

IKEA con­trols a suc­cess­fuls tore in Dublin and this week re­vealed plans to open a sec­ond out­let in south Dublin.

It will open its first “or­der and col­lec­tion” point at Car­rick­mines in the south of the city.

“Act­ing pri­mar­ily as a plan­ning stu­dio to plan and or­der more com­plex pur­chases such as kitchens, wardrobes and so­fas, the new Or­der and Col­lec­tion Point will also fea­ture the much-loved IKEA room sets pro­vid­ing in­spi­ra­tion and ideas for the home and ex­pert co-work­ers, of­fer­ing home fur­nish­ing knowl­edge and ad­vice,” the com­pany said when an­nounc­ing the plan. (Bloomberg)

IKEA is sell­ing 27 parks across Europe

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