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Inter IKEA Group sells the retail centre business

Inter IKEA Group has signed an agreement to sell its 51% majority share of Inter IKEA Centre Group A/S to Ingka Group (also referred to as the IKEA Group). 

Ingka Group already owns 49% of the shares of Inter IKEA Centre Group. The transaction will enable Ingka Group to bring their existing shopping centre business in Russia, and the Inter IKEA Centre Group businesses in Europe and China under one roof. 

Ingka did earlier this year express an interest in buying Inter IKEA Centre Group, and a thorough due diligence has been performed by the buyer. After agreeing on the commercial terms, the parties have now signed an agreement. 

- I believe that this transaction creates great opportunities to further develop and strengthen the shopping centre business, benefiting tenants and consumers in the retail centres, as well as co-workers, says Søren Hansen, CEO of Inter IKEA Group in a comment. 

Inter IKEA Centre Groups operates 36 retail destinations, of which 31 are shopping centres, totalling 1.5 million square meters, and have a pipeline of some 12 retail destinations under development. The total assets under management are about euro 4 billion. The transaction takes place on 31 December 2014.

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