IKEA invests $360m in its third store near St Petersburg

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IKEA invests $360m in its third store near St Petersburg
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IKEA, a group of companies selling ready-to-assemble furniture appliances and home accessories, plans to invest 23 billion rubles ($360 million) in construction of the third MEGA mall with IKEA store located in the Lomonosov district in the Russian region of Leningrad.

This statement made a director general of IKEA Centres Rus Management, Milen Mitkov Genchev, over the course of a working meeting in the regional administration.

“The planned volume of investments in a new trade center is about 23 billion rubles,” he said. Apart from that, some 11 billion rubles will be allotted into the existing infrastructure. The mall is scheduled to be completed in 2021, IKEA store will be opened in 2019.

As it was reported earlier, IKEA Centres Russia acquired a plot of land near St Petersburg with an area of 40 hectares, where a new MEGA mall is planned to be erected.