IKEA Expands Footprint in Bengaluru with 1.2 Lakh Sq Ft Lease at Purva Zentech Park

Puravankara Ltd has leased 1.2 lakh sq ft of retail space to IKEA at Purva Zentech Park, Bengaluru, as part of a mixed-use development set for completion in 2026. The agreement covers two floors within a large commercial space, with Colliers advising on the transaction.

Swedish furniture giant IKEA is set to expand its presence in India by leasing over 1.2 lakh square feet of retail space at Purva Zentech Park in Bengaluru, owned by real estate firm Puravankara Ltd. The agreement was announced in a regulatory filing on Monday.

The lease involves two floors of retail space within a mixed-use commercial development project totaling 9.6 lakh square feet on Kanakapura Road. Puravankara anticipates the project's completion by early 2026. This strategic move signifies IKEA's commitment to the Indian market as it aims to tap into Bengaluru's burgeoning retail sector.

The deal was facilitated by the office services team from real estate consultant Colliers. Meanwhile, Puravankara continues its expansive footprint, with 93 completed projects across nine cities, encompassing 55 million square feet of developed space.

(With inputs from agencies.)