IKEA to invest €60m to the company’s first in Latvia trade center

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IKEA to invest €60m to the company’s first in Latvia trade center
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As Interfax-Realty reports, the Swedish holding plans to invest 60m in the construction of its first object in Latvia.

The Latvian Paul Mason Properties SIA will manage the trade center in the suburbs of Riga under the franchise contract with Inter IKEA Systems B.V.

The construction work will start this spring, the store is to open in August, 2018. The area of the trade centre will total 34,500 sq.m on the land plot as large as 10 hectares. The centre will include a parking for 1,000 cars, a children play-ground and a restaurant.

S. Palmasson, Head of the Latvian company, remarked that the future aggregate investments in the project may surpass 100m taking into account the business development.

S. Palmasson and Nil Ushakov, Chairman of the Riga Duma, have signed an agreement on the project’s support: municipal authorities will transfer about 500,000 for the preparation of the transport infrastructure near the store under construction.

Presently, there is only one IKEA store in the Baltic countries, it is located in Vilnius.