Ikea has acquired Kings Mall shopping centre in Hammersmith, W6, in a £170m deal to create a mixed-use scheme.
It is the first acquisition in the UK from Ingka Centres, the real estate division of Ikea’s parent group Ingka.
Ingka Centres bought the 292,000 sq ft shopping centre and car park from the Schroder UK Real Estate Fund.
The sustainability-driven scheme will be retail-led, anchored by a smaller Ikea city store, complemented by digital services and a mix of uses, with a focus on leisure and activities..
It will focus on recycling and reusing, improving air quality and reducing customer travel.
Ingka Centres managing director Gerard Groener said: “Our urban projects are all about getting closer to more people and a revamped Kings Mall will be an ideal location for reaching millions of Londoners.”
Groener said Ingka Centres will work with the community, tenants and partners to develop a new destination “for everybody to meet, shop, socialise and relax”.
He said the scheme would include group workshops and digital services such as hands-free shopping tools, loyalty programmes and online communities.
Peter Jelkeby, Ikea’s UK & Ireland country retail manager and chief sustainability officer, added: “Our plan to open a new city centre store in Hammersmith is an exciting next step, as we continue to respond to people’s evolving shopping habits, making Ikea more convenient than ever before.”
The acquisition comes as Ingka Centres embarks on a €7.3bn investment drive to transform the business under the pressure of a challenging retail environment.
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