The owner of Swedish furniture business IKEA has announced the acquisition of a Brighton shopping centre following months of talks.
Earlier this year, Ingka Group entered into talks with the owners of the Churchill Square Shopping Centre and has now completed the deal, making it the second UK shopping centre within its portfolio.
Ingka Group’s Ingka Centres division has acquired the retail centre for an estimated sum of £145m as it continues to invest in bringing its furniture stores into city centres.
It is understood that an IKEA store will open in a former Debenhams site in the centre, which is expected to be converted within two years.
The acquisition follows the purchase of Kings Mall in Hammersmith, West London, back in 2020 for a sum of around £170m, where it has also installed an IKEA in a former Debenhams store.
Commenting on the deal, Ingka Centres said: “We’re excited to announce the acquisition of Brighton’s main shopping centre, Churchill Square. This marks a significant milestone in our UK presence as we bring an innovative IKEA City store to this vibrant community as part of our second British meeting place.
“Churchill Square currently benefits from a quality mix of flagship retail and dining options that has traditionally attracted more than 11 million visitors annually. We are also excited to add a new IKEA City Store on the site of the former Debenhams which will mark the latest phase of IKEA’s ongoing transformation to become more accessible to customers.”
Managing Director, Cindy M.G. Andersen, added: “Brighton is known as a welcoming and progressive city, and it is our privilege to deliver a revitalised meeting place of which the community can be truly proud. This addition to our portfolio represents a perfect synergy with our global expansion strategy and commitment to sustainable living.
“We intend to develop Churchill Square’s strong retail fundamentals by adapting its retail offer to community needs and to invest in Churchill Place’s infrastructure to play a part in supporting Brighton and Hove City Council’s drive to establish a thriving local circular economy. As an example, we’re looking to extend the number of EV charging points, as well as promote the use of public transport to reflect the new IKEA city centre offer which encourages home delivery.”
