Ingka Centres Expands Global Footprint with Acquisition of Munich’s Iconic Pasing Arcaden Shopping Center

Ingka Centres Expands Global Footprint with Acquisition of Munich’s Iconic Pasing Arcaden Shopping Center

(IN BRIEF) Ingka Centres, part of the Ingka Group, has signed a purchase agreement to acquire Pasing Arcaden, a popular shopping center in Munich, Germany. The deal, expected to close by Q4 2024, will mark Ingka Centres’ return to Germany and enhance its global portfolio. Pasing Arcaden, located in a busy district and attracting 10 million visitors annually, offers a mix of retail, residential, and workspace options. The acquisition is part of Ingka Centres’ strategy to create community-focused “meeting places.” The center also aligns with Ingka’s sustainability goals, with 75% of its energy already sourced from renewables.

(PRESS RELEASE) LEIDEN, 20-Sep-2024 — /EuropaWire/ — Ingka Centres, a division of the Ingka Group, has entered into a purchase agreement to acquire Pasing Arcaden, a prominent shopping center in Munich, from Pasing Arcaden GmbH, a subsidiary of Unibail-Rodamco-Westfield Germany. The acquisition, which is subject to customary conditions and expected to finalize by Q4 2024, marks Ingka Centres’ return to the German market and represents a significant step in expanding its global portfolio.

Located in Munich’s bustling Pasing-Obermenzing district, Pasing Arcaden boasts over 53,000 square meters of gross leasable area and attracts approximately 10 million visitors annually. The shopping center features a strong mix of retail brands such as Müller, Media Markt, Aldi, and H&M, as well as residential and workspace offerings. Its proximity to the Pasing station, one of Bavaria’s busiest railway hubs, makes it easily accessible to over 1.3 million residents within a 30-minute radius.

This acquisition will be Ingka Centres’ fifth urban meeting place, following similar ventures in Brighton, Paris, London, and San Francisco. The company’s meeting place concept blends retail, social, and community spaces, tailored to the needs of local communities. Ingka Centres is also focusing on expanding in emerging markets like India and China through large mixed-use developments.

“We’re thrilled to be re-entering Germany with the acquisition of Pasing Arcaden,” said Cindy Andersen, Managing Director of Ingka Centres. “Munich is a vibrant city with a rich cultural scene, making it an ideal location for one of our meeting places. Pasing Arcaden, with its strong local presence and loyal customer base, provides a fantastic opportunity to introduce our concept in a successful shopping center. We look forward to transforming this space into an inclusive, community-focused hub where people can gather, shop, and connect.”

In line with Ingka Centres’ commitment to sustainability, Pasing Arcaden already boasts impressive environmental credentials. The center operates with 75% of its energy sourced from renewables, aligning with Ingka Centres’ broader goal of achieving 100% renewable heating and cooling by 2030.

About Ingka Centres
Ingka Centres is part of the Ingka Group (which also includes IKEA Retail and Ingka Investments). Ingka Centres has more than 40 years of experience in shopping centres and today works with over 3000 brands across its portfolio of 35 meeting places in 13 markets. The company hosts and serves more than 352 million visitors each year. Ingka Centres creates its meeting places by collaborating with local communities, as well as its tenants and partners, to ensure they are destinations with emotional meaning that add value and build social connections.

About Ingka Group

With IKEA retail operations on 31 markets, Ingka Group is the largest IKEA retailer and represents about 90% of IKEA retail sales. It is a strategic partner to develop and innovate the IKEA business and help define common IKEA strategies. Ingka Group owns and operates IKEA sales channels under franchise agreements with Inter IKEA Systems B.V. It has three business areas: IKEA Retail, Ingka Investments and Ingka Centres. Read more on www.Ingka.com.

Media Contact:

Tel: +46 70 993 6376
email: press.office@ingka.com

SOURCE: Ingka Holding B.V