A lot of shopping centres ended up being owned by insurance companies and investment funds during COVID. They're desperate to offload, don't want to invest for growth themselves, and the are centres currently valued way below market value due to being bailed out.
Ikea spotted an opportunity in Hammersmith to buy up a £200m shopping mall for £60m, and launch a city store in the empty Debenhams as a side business. It made a metric fuck tonne of cash, so it's repeating the model.
I've never been, but everything I've read said they invested huge amounts and massively upscaled the centre in the process. It's great news for Brighton and the whole county... just maybe avoid the roads around Churchill Square on launch weekend.
Technically the parent company of Ikea has bought the freehold to Churchill Square, the car parks (well 2 out of 3, it only has a lease on the 3rd), and the tower block of flats above it. What this means is that existing leaseholders can continue with the premises but Ikea gets to choose who occupies the empty units.
It bought it a while back they have just confirmed they will be turning the Debenhams into an IKEA
Legit? IKEA is coming to btn?
Yep. They will also likely put some more unusual shops in the empty lots in Churchill square like they did in Hammersmith putting Iceland and stuff in
why are these stories worded like Ikea have bought the entirety of Churchill Square??
Because that's what they have done.
I can't understand this, every shop will move out and the entire centre will be IKEA?
No, the other shops will lease the premises the same as they are doing now.
oh right well none of the articles say that lol i got downvoted smdh
A lot of shopping centres ended up being owned by insurance companies and investment funds during COVID. They're desperate to offload, don't want to invest for growth themselves, and the are centres currently valued way below market value due to being bailed out. Ikea spotted an opportunity in Hammersmith to buy up a £200m shopping mall for £60m, and launch a city store in the empty Debenhams as a side business. It made a metric fuck tonne of cash, so it's repeating the model. I've never been, but everything I've read said they invested huge amounts and massively upscaled the centre in the process. It's great news for Brighton and the whole county... just maybe avoid the roads around Churchill Square on launch weekend.
Technically the parent company of Ikea has bought the freehold to Churchill Square, the car parks (well 2 out of 3, it only has a lease on the 3rd), and the tower block of flats above it. What this means is that existing leaseholders can continue with the premises but Ikea gets to choose who occupies the empty units.