old

ikea550
IKEA's property arm invested heavily again last year
Further acquisitions of British land and buildings have taken IKEA's total property investment here above £300 million over the past three years alone.

 

The Swedish brand, the UK's largest home furnishings retailer, invested a further £71.5 million on UK property last year, comfortably outweighing the £17.5 million it generated from disposals during the same period.


It followed investments of £244.7 million between 2014–16 and means IKEA's UK property is now worth more than £1.32 billion.


The figures are disclosed in the accounts of its UK property arm, which invests in land and buildings and generates rental income from the retailer's stores business.


It booked profits of £62.3m last year, up almost four-fold on 2015–16 and nearly matching the net income generated by IKEA's retail division (2016–17: £69.4m).


The accounts were signed off before it announced it was shelving plans for a store near Preston. IKEA's other yet-to-open sites include Brighton and Greenwich.


* to end August 2017