The land in question belongs to local billionaire Ion Tiriac and is empty, sources on the real estate market told Ziarul Financiar. The land is located near the Constructim sporting arena in Timisoara and close to the city exit towards Arad.
Ikea will buy 8 ha of the 23-ha plot, at a price of EUR100 per square meter, the sources said, placing the deal at around EUR8 million.
Ikea officials have said previously the company plans to open stores in cities outside Bucharest, including Timisoara. Ikea currently has a pick-up point in the city.
The future store in Timisoara will be 300 km away from the Ikea store in Budapest and 160 km away from the store in Belgrade.
Ikea Romania had sales of RON609 million in the financial year Sept 2017-Aug 2018, up 11% on the year, with a single store on the Romanian market. Ikea opened its second store in Bucharest in June 2019.