Ingka Investments announces that a conditional purchase agreement has been signed to acquire a property at 214 Oxford Street (Oxford Circus) in London. The investment will be part of the real estate portfolio of Ingka Investments, the investment arm of Ingka Group. Part of the vacant retail space will be used by IKEA UK & Ireland and the purchase price is GBP 378 million (EUR 446 million).
The investment supports the transformation of Ingka Group’s retail business, bringing IKEA closer to customers by opening new IKEA store formats in city locations, in response to increasing urbanisation and new shopping behaviors. The property comprises a total of 22,200 sqm / 239,000 sqft over seven floors, with retail space on six floors. It will host IKEA UK’s second smaller store format and will follow the opening of IKEA Hammersmith later this winter.
Since 2019 Ingka Group has opened stores and shops in major cities such as Tokyo, Madrid, Moscow, Paris and New York as well as planning studios in Vienna, Barcelona, Berlin and Prague – bringing the IKEA home furnishing offer to many more people and always closely integrated with a digital customer experience.