Ikea to plan $1bn sale of European real estate

Furniture giant IKEA plans to sell its European properties and retail parks surrounding its stores for c.€900m ($1bn).

According to company spokeswoman Josefin Thorell, the sale is part of the company’s vision to maintain only those properties that can help it engage with consumers.

IKEA has about 52 retail parks across Europe, of which, it plans to sell 27 parks, leaving it with 25, post sale.

About 12 parks are in Germany, with the rest spread across Czech Republic, Poland, France, Switzerland and Finland.

IKEA has hired Cushman & Wakefield to market its assets.

Source: Bloomberg