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SEB Latvia to finance construction of IKEA store in Latvia

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Staff Writer | March 8, 2017
IKEA in Latvia, Verus Praedium, and SEB Latvia have signed a long term loan agreement of EUR 35.4 million for construction of IKEA store near Riga.
IKEA in Latvia
Retail   Around 300 new jobs
The company intends to start construction works in Stopini, around 8 kilometres east of downtown Riga this summer.

The commercial space will be 34 000 square meters. The store will be opened next fall and will create around 300 new jobs.

The first IKEA store in Baltic States was opened in 2013, near Vilnius airport in Lithuania.

In terms of size the store in Riga will be larger than IKEA Vilnius by about a third, and will offer a wider range of merchandise.

In case of necessity, it will be possible to increase the area of Riga store by about 6000 square meters.

In future the company also plans to establish several merchandise pick-up points outside Riga, where customers will be able to collect their purchases from IKEA.