- Ikea India has leased 37,529 sq ft space in Phoenix Marketcity mall in Pune
- The lease agreement with Vamona Developers is for 59 months
- Ikea will pay Rs 38 lakh monthly rent initially, rising to Rs 42.70 lakh from year four
Swedish furniture retailer Ikea is set to enter the Pune market and has signed an agreement to lease 37,000 sq ft space in a mall.
Ikea India Private Limited has leased a 37,529 sq ft plot area in the Phoenix Marketcity mall in Lohegaon's Viman Nagar, as per documents accessed by real estate data analytics firm CRE Matrix.
The Swedish company, which entered India through a store in Hyderabad in 2018, has leased the Pune property from Vamona Developers.
The lease is for 59 months, and Ikea has committed to pay a monthly rent of Rs 38 lakh initially, which will get enhanced to Rs 42.70 lakh from the fourth year of the lease, as per the deed.
The space is on the ground floor of the mall, which is run by Phoenix Mills.
This will mark Ikea's entry into the Pune market, which hosts a slew of information technology companies and global capability centres.
At present, Ikea has a physical presence in Navi Mumbai, Bengaluru, Indore and Kolkata, and operates in multiple formats, including large stores like the one in the satellite city off the financial capital, and also a smaller one in central Mumbai's Worli.
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