Ikea’s Shopping Center Arm Buys Toronto Mall

Ikea’s shopping mall business has purchased the Shops at Aura mall in Toronto as part of a bigger shift toward locating stores in cities, reports Reuters. This location will be the first inner-city Ikea in Canada.

Ingka Centres (Leiden, The Netherlands) bought the struggling property from private equity firm KingSett Capital. Ingka operates 46 malls anchored by Ikea stores in Europe, Russia and China. The group will redevelop the ground and first floors of the Aura mall as an Ikea location that is expected to open at the end of the year.