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Oct. 20 (Bloomberg) -- Inter Ikea Holding SA, the closely held owner of the Ikea retail franchise, said it plans to build 1,200 homes plus commercial buildings on a site near London’s Olympic Park.
LandProp, Inter Ikea’s non-retail development arm, purchased 9.34 acres (3.78 hectares) from Olympic Park Legacy Co. for an unspecified sum, according to a statement today from its Luxembourg-registered parent company. Combined with land it already owns, the purchase forms a 26-acre development site.
LandProp today presented its plans to redevelop the derelict area, which lies half a mile south of where London will host the 2012 Olympic Games. It will apply early next year for consent to build the homes, 480,000 square feet (44,600 square meters) of offices as well as shops, restaurants and a 350- bedroom hotel.
The “Strand East” project “marks the first major investment for LandProp into the U.K.,” LandProp Managing Director Harald Mueller said in the statement. “We are continuing to look for other opportunities within London and the U.K.”
--Editors: Jeff St.Onge, Ross Larsen
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