Ikea owner acquires Kings Mall with plans for new Ikea format as anchor
Ingka Centres, part of the Ingka Group and owner of furtniture and homewear giant Ikea, has acquired Kings Mall shopping centre in Hammersmith, London from Schroder UK Real Estate Fund.
The property comprises 292,057 sq ft, including the shopping centre car park for 604 lots.
Ingka Centres plan to transform the shopping centre into a new Ikea-anchored urban, mixed-use destination, helping to regenerate the Hammersmith area.
The acquisition is Ingka Centres’ first in the UK. In 2018, the group announced a new strategic vision and investment of €7.3bn to transform its business in response to the changing retail environment.
Kings Mall will be the first mixed-use project in a downtown location, anchored by an Ikea city store. The new concept Ikea store is due to open in Spring 2021. The new store format comes in line with Ingka Group’s plans to make the Ikea offer accessible to many more people living in London.
Gerard Groener, Ingka Centres’ managing director, commented: “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. Hammersmith is a place where people work, live and spend their leisure time, and we want to be part of it. It is one of London’s main retail, commercial and residential centres, and has excellent public transport links.”