IKEA's shopping centers arm buys San Francisco mall in its first US real estate deal

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IKEA's shopping centers arm buys San Francisco mall in its first US real estate deal
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IKEA's shopping centers business has made its first U.S real estate acquisition, buying the 6X6 mall in San Francisco, after telling Reuters in May it was engaged in several negotiations for inner-city acquisitions in the United States.

FILE PHOTO: People queue at Ikea in Wembley as it re-opens, following the outbreak of the coronavirus disease , London, Britain, June 1, 2020. REUTERS/Toby Melville

It bought the 6X6 mall from Alexandria Real Estate Equities Inc and TMG Partners, an Ingka Centres spokesman said. Ingka Centres is one of the world’s biggest mall owners, with 45 across Europe, Russia and China, each anchored by an IKEA store. With the furniture retailer, it is shifting its focus towards city-centre from out-of-town locations.

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