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The world’s largest furniture retailer is nearing completion on a deal to unload $1.1B of European real estate to asset manager Pradera.
IKEA will sell 27 European retail parks surrounding its stores to the lead bidder for $1.1B, Bloomberg reports. A dozen of the parks are within Germany, and the other 15 are dispersed throughout Poland, Sweden, France, Finland, Switzerland and the Czech Republic. Europe’s retail scene is hot, as buyers continue to invest record amounts in European shops, benefiting the nation’s economy and boosting property values.
Cushman & Wakefield is handling the transaction, and following the sale, IKEA will still own 25 retail parks throughout Europe. [Bloomberg]
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