Ingka Group began looking for a buyer for more than 2 million square meters. m of real estate in Russia, including Mega shopping centers and IKEA store areas, RBC reports citing sources. After the sale of the IKEA factories, this operation will mean the total exit of the group from the country.
The total area of the shopping centers owned by Ingka is 2.3 million square meters. m, rental area – 1.8 million square meters. m, calculated in INFOLine-Analytics. The group is currently negotiating with at least two potential buyers, but specific agreements have not yet been reached.
The press service of Ingka Centers (a division of the Ingka Group that manages shopping centers) told RBC that they do not comment on market rumours. They added that the Mega shopping center continues to operate and the company has focused on “guaranteeing the safety of operations and the quality of customer service.” The IKEA flagship stores in these malls closed in early March last year.
Ingka owns 14 Mega shopping centers throughout Russia. Forbes estimated the rental income of the Ingka Centers in Russia at $350 million in 2021. Mikhail Burmistrov, Managing Director of INFOLine-Analytics, estimated that the fair value of the Ingka Group’s real estate portfolio in Russia is at least $5 billion, but taking discounts into account, the price may drop to $2.5-3 billion.
On the eve it became known that the government commission reached an agreement to sell three of the four IKEA factories in Russia. The companies were owned by the kitchen company Slotex and the lumber company Luzales.
Author:
anastasia mariana
Source: RB
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