Investment fund Interprime Properties, part of Swedish group Ikea, has bought the platform of Timpuri Noi’s plant in Bucharest for EUR 34.6 million, the latter has announced. The plot consists of over 51,000 sqm, and is located at Splaiul Unirii 165.
In 2007, the company put the same piece of land up for sale at EUR 100 million, without VAT. The land is 60 percent taken up by various constructions.
In March Ikea bought the rights to operate its own store in Bucharest, which was previously a franchise owned by Moaro Trading.
The move made Ikea Romania part of Ikea Group, after three years as a local franchise. In 2009, the retailer reported EUR 83.2 million in turnover, down 9 percent year on year. The group has 301 stores in 37 countries, out of which 268 are operated directly and 33 through local franchises.
The main shareholder of Timpuri Noi is its Employees Association, which owns 73.64 percent of the shares, while SIF Muntenia holds 21.95 percent.