This will be accompanied by an adaptation of the iconic ‘Blue Box’ and a new form of space utilization within a globally standardized retail concept. CC Real, an internationally operating investment and asset manager in the commercial real estate sector, played a leading advisory role in this extraordinary project with its leasing department from the outset and accompanied the entire process end-to-end – from the strategic concept to the signing of the lease agreement.
Comprehensive leasing advice from strategy to contract conclusion
CC Real’s activities focused on developing a tailor-made leasing strategy, identifying suitable, synergy-creating industries and tenants, providing expert advice and adapting the design and space concepts provided by IKEA, and preparing well-founded business cases as a basis for decision-making. In addition, CC Real assisted in the preparation of leasing documentation, including visualisations and plans, advised on the drafting of the lease agreement, and conducted negotiations on all economic and legal terms and conditions until the successful conclusion of the contract.
The result is an internationally unique retail property project that breaks new ground in combining large-scale furniture retail with complementary retail formats. The integration of Thomas Philipps as a new neighbour sustainably strengthens the location’s appeal and creates additional footfall potential.
“This project is unique in its kind worldwide and was also an extraordinary task for us. We would like to express our special thanks to IKEA for their great trust, openness to new approaches and partnership-based cooperation throughout the entire process. Together, we have succeeded in developing a forward-looking model that sets new standards for the further development of large-scale retail properties.”
Sorin Scurtu, Executive Director Leasing at CC Real
Branko Mihajlov, Project Development Manager & Leasing Business Partner at Ingka Centres / IKEA Austria GmbH, explains:
“With CC Real, we had the ideal partner on our side to successfully implement our world’s first space repurposing project within an IKEA furniture store. CC Real grasped the assignment extremely quickly and provided solution-oriented advice with a high level of competence, expertise and a keen sense for detail. This enabled us to develop a space concept that meets both the needs of IKEA customers and the requirements of our future tenant. We would like to thank CC Real for their successful guidance throughout the process and the strong, partnership-based collaboration.”
Jens Heine, Managing Director of Thomas Philipps Austria, adds:
“We would like to thank CC Real for their professional brokerage, their support throughout the discussions and the constructive collaboration that contributed to the success of this project. Close coordination and goal-oriented negotiation created the conditions for our very first cooperation with IKEA. As the central connecting link, CC Real played a key role in supporting this strategic partnership between IKEA and Thomas Philipps.”
With this project, CC Real underscores its expertise in the strategic development of retail properties, particularly in complex conversions, innovative leasing models and supporting international retailers with location-specific adaptations.
CC Real and IKEA share a long-standing partnership
CC Real and IKEA have been cooperating in various ways for many years. In 2012, CC Real purchased the Center West Graz and Haid Center Linz from IKEA. IKEA is a tenant in properties developed by CC Real, such as City Centre One Split, and CC Real acted as transaction advisor to IKEA on the acquisition of the Kings Mall Shopping Centre in Hammersmith, London. As part of IKEA City Centres’ expansion programme, CC Real has analysed various properties in Europe and America and recommended them for purchase. This trusting partnership will continue to lead to joint transactions in the future.
