IKEA stores owner Ingka Group sells off last remaining asset in Russia

IKEA stores owner Ingka Group has sold its last asset in Russia, a warehouse near Moscow, to businessman Robert Uzilov, RBC reported, citing two sources in the commercial real estate market and a representative of the buyer. A representative for Uzilov confirmed the deal but did not provide further details.

The warehouse, a distribution center opened by the company in 2003, served all IKEA stores in Russia. An RBC source said it has remained unused since IKEA’s exit from the country.

The deal was approved by the government commission overseeing foreign investments, according to an RBC source. In mid-October, Russian authorities increased the minimum discount for such transactions from 50 percent to 60 percent and raised the required budget contribution from 15 percent to 35 percent of the deal’s value. However, the source noted that the Ingka Group deal proceeded under the “old terms.”

Ingka Group had previously owned 14 MEGA shopping centers, IKEA stores, and land for new projects in Russia. After the full-scale war began in February 2022, IKEA suspended operations in the country, holding a clearance sale in August to liquidate remaining inventory.