Ingka to create mixed-use ‘urban meeting place’ in Paris
Ingka Centres, part of the Ingka Group, has acquired one of the largest inner city shopping centres in Paris, Italie Deux, together with a recent high-street extension ItaliK, and the neighbouring office complex, Apollo.
An 85,000 sq m mixed-use development will create a mix of retail, leisure and dining facilities designed to attract more than 11 million visitors annually and will unite the three assets as one of Ingka Centres’ ‘urban meeting place’ schemes, its first project in this format in France.
Italie Deux is located at Place d’Italie in the 13th District, and the current retail line-up includes Zara, Sephora and Carrefour. A 1,000-seat theatre, Le 13ème Art, is also part of the current scheme.
The project will be Ingka Centres’ fourth urban meeting place acquisition. The company also owns Livat Hammersmith in London, and assets in Toronto and San Francisco.
Ingka Centres is also continuing to develop larger new-build meeting places in markets such as India and China, tailoring its approach to local needs.
“Italie Deux is one of the premier retail destinations in Paris, known for its mix of shopping, food and culture, and we are excited to continue to develop its offer with an affordable, sustainable range of destination retail, culinary experiences and amenities to help our partners and communities to thrive,” said Ingka Centres’ managing director Cindy Andersen.
The new meeting place will incorporate the Apollo office complex which, once refurbished, will provide approximately 18,000 sq m of office space on nine levels with outdoor and rooftop gastronomy spaces, social areas and terraces. It will also include urban agriculture areas, which are expected to supply cafeterias and restaurants.
The mixed-use property is located in a densely populated district with good public transport connections that include three metro lines. The nearby Paris Rive Gauche district is home to 15,000 residents, 50,000 workers, and 30,000 students.
Ingka Centres is part of the Ingka Group, which also includes IKEA Retail and Ingka Investments, which last week announced the acquisition of a new customer distribution centre in Dublin.