Ikea group’s shopping centre arm Ingka Centres has purchased Kings Mall shopping centre in London’s Hammersmith, as part of a £170m investment into the area.
Kings Mall opened in 1980 and has 40 stores including H&M, Primark, Sainsbury’s and Wilko.
Ingka Centres owns 44 malls in 14 markets around the world, including Russia and China, all of which are anchored by an Ikea store. However, it has built these itself, rather than buying existing centres.
The Swedish retail giant aims to transform traditional shopping centres into “convenient city meeting places” to reinvigorate the high street. Ingka Centres will work with the local community in Hammersmith to regenerate Kings Street, on which the shopping centre is located, bringing new life and an approximately £170m investment to the area for customers, co-workers and the wider community.
In October, Ikea said it had bumped up its property team in the UK with the aim of capitalising on the decreased valuations of many shopping centres. It is thought to be looking at further shopping sites across the UK.
Gerard Groener, managing director of Ingka Centres, commented: “Our urban projects are all about getting closer to more people. More of our customers are living in cities than ever before, and a regenerated Kings Mall will be an ideal location for reaching millions of Londoners.”
Stephen Cowan, leader of the London Borough of Hammersmith & Fulham added: “We’re very pleased Hammersmith will benefit from having Britain’s first IKEA city store. The new Ingka Centre will help rejuvenate King Street and improve our neighbourhood for all our residents and local businesses. We’re delighted to benefit from this huge investment and look forward to working with Ingka Centres, our residents and the wider community to deliver something really special here.”