Gazprombank buys IKEA stores owner's Russian shopping centres

Gazprombank Group said on Thursday it had bought IKEA owner Ingka Group's 14 MEGA shopping centres in Russia. Gazprombank said it had purchased the 2.3 million square metres of retail space and was committed to developing the assets. Some Western companies leaving Russia have agreed options to potentially buy back assets.

Gazprombank Group said on Thursday it had bought IKEA owner Ingka Group's 14 MEGA shopping centres in Russia.

Gazprombank said it had purchased the 2.3 million square metres of retail space and was committed to developing the assets. It did not disclose the price. Ingka Centres was not immediately available for comment.

"We are ready to assume additional obligations and intend to develop the MEGA shopping centre chain," Tigran Khachaturov, in charge of Gazprombank's industrial assets, said in a statement. IKEA halted all retail and production operations in Russia soon after Moscow sent troops into Ukraine on Feb. 24, 2022, along with scores of other Western companies. IKEA briefly resumed online sales last summer.

In March, it finalised a deal to sell its largest factory in Russia and does not have an option to buy it back, the new owner said in April. Some Western companies leaving Russia have agreed options to potentially buy back assets.