Ingka Centres, part of the Ingka Group (which also includes IKEA Retail and Ingka Investments, has agreed to sell its Russian portfolio of 14 Mega shopping centres to a subsidiary of the Gazprombank Group.
Ingka Centres co-workers in Russia will be employed by the new owner.
Ingka Centres has been conducting business in Russia for over 20 years.
”Divestment of the entire Russian portfolio of shopping centres has taken time as it is a sensitive, highly complex and confidential process. This is due to the scale of the portfolio, operational complexity, the regulatory landscape and the importance of MEGA shopping centres to the people and communities,” said the company in a press release.
After the divestment of the shopping centres Ingka Centres has no operational business in Russia.
Click here to receive CRE Herald’s weekly newsletter, news alerts and insights!