Transaction / Assets Seller Buyer € MM
Ikea Sells Former Store In Alcorcón To International Investor
5 April 2017 – Inmodiario
Ikea has completed the sale of a plot measuring 38,700 m2 in Parque Oeste Alcorcón (Madrid) to an international investor group. The plot houses a single property, with a constructed surface area of 22,500 m2, located in one of the most powerful retail parks in Spain. Previously, it housed the Swedish company’s first store in Madrid, inaugurated in 1996.
“This sale successfully completes the process to relocate our operations to a new store, also in Alcorcón, which is larger in terms of size and capacity. It also represents a boost to our financial situation and further strengthens the development of our activity in Spain. The current store, opened in June 2016, is the largest in the market in Madrid and has represented a significant innovation in terms of space, services and improving the purchasing experience”, said Ignacio Navarro, Head of Expansion at Ikea Ibérica.
Meanwhile, Yola Camacho, Partner in Capital Markets at Cushman & Wakefield España said: “This is a major operation for the retail park market, given its excellent location, in one of the best retail parks in Spain, and it shows the high degree of interest that exists for assets of this kind. In addition, through our advice and commercial knowledge, we have been able to help Ikea optimise the sale operation”.
Original story: Inmodiario
Translation: Carmel Drake