IKEA to build a store in Latvia
SEB Bank and Verus Praedium, which develops IKEA brand of furniture and household goods in Latvia, have signed an agreement on a long-term loan of EUR 35.4 million for the construction of an IKEA store.
«This will allow the company to commence the construction of IKEA store in Stopini this summer. The store’s total area will be EUR 34,000. The new business will open its doors in autumn 2018 and provide 300 new jobs,» explains SEB Bank’s external communications manager Martins Panke.
Sigurdur Palmason, a representative of Verus Praedium, comments that the opening of an IKEA store in a new country is a long process. Its goal is to realize the brand’s promise – make everyday lives better for people. «We are happy that we can do it together with SEB Bank – a Latvian company with Swedish roots and traditions,» he said.
The first IKEA store in Baltic States – Lithuania – was opened in 2013. The new store in Pieriga will three-times exceed the one in Vilnius area-wise. It will also offer a greater range of products. If need be, the store’s area will be expanded by 6,000 m2.