Ikea owner snaps up Brighton shopping centre
The £145m deal will see the furniture retailer converting Brighton’s Churchill Square Centre into a new Ikea store, which is expected to open within two years
Ikea’s owner Ingka Group has reportedly acquired Brighton’s Churchill Square Shopping Centre, According to The Guardian.
The £145m deal will see the furniture retailer converting Brighton’s Churchill Square Centre into a new Ikea store, which is expected to open within two years.
The latest acquisition comes three years after the group bought the Kings Mall in Hammersmith and used it to open an Ikea store alongside a Lidl supermarket and other tenants.
The retailer has also recently postponed to Autumn 2024 the opening date of the new Ikea store in Oxford Street.
According to The Guardian, Churchill Square’s owner, the fund manager Abrdn, had hoped to sell the centre for £250m when it was put on the market last year, but it agreed a deal with Ingka Centres for £145m.
Cindy Andersen, managing director of Ingka Centres, said: “We’ve proven in Hammersmith that traditional shopping centres have a strong future when they are adapted and constantly evolving to match the real needs of local communities.”
