Russian automotive firm AGR Holding has acquired Khimki Business Park, the 42,000-square-metre complex that served as the Russian headquarters of IKEA owner Ingka Centres.
The change of ownership was reported by Russian newspaper Kommersant, citing corporate filings in the SPARK database. AGR Holding, an entity within AGR Automotive Group, secured control of the commercial property in early November 2026.
Valuation of the property
Real estate analysts have given varying estimates for the purchase price of the site. Nikolai Goryunov, director of capital markets at IBC Real Estate, estimated that the acquisition could have cost between 3 billion and 3.3 billion rubles.
Anton Kalistratov, head of the valuation and consulting department at CMWP, placed the transaction value higher, estimating the deal at between 3.3 billion and 4.6 billion rubles. Ekaterina Andreeva, director of the investment and capital markets department at Bright Rich | CORFAC International, gave the highest appraisal, valuing the business park at between 6.5 billion and 7 billion rubles.
Tenancy and investment strategy
Market observers believe the acquisition was made primarily as an income-generating investment. Andreeva said AGR Holding likely purchased the office complex for investment purposes, noting that the majority of the space is already occupied and that bringing in new tenants would help increase cash flow.
Kalistratov added that approximately 15 to 20 percent of the office accommodation inside the complex is currently vacant, providing room to expand tenancy and bolster rental income.
Corporate background and Russian exit
The office park in Khimki previously served as the Russian administrative headquarters for Swedish company Ingka Centres, the parent organisation that owns and operates the IKEA store network. The Swedish home furnishings giant first entered the Russian market in 2000, choosing Khimki, located just northwest of Moscow, as the location for its flagship store. After halting operations following the invasion of Ukraine in 2022, the group has steadily divested its substantial Russian asset portfolio, including its Mega shopping malls and local production plants.
The buyer, AGR Automotive Group, became a major industrial presence in Russia by taking over foreign automotive operations left behind by departing Western companies, including the Russian manufacturing facilities of Volkswagen. The acquisition of Khimki Business Park marks a further diversification into prime suburban commercial property.
Global financial headwinds for IKEA
The sale comes as IKEA faces financial pressure across its international operations. According to Bloomberg, global sales at the retailer have dropped for a third consecutive year, as the Swedish brand has struggled to attract budget-conscious shoppers after pulling out of the Russian market.
Figures published by the Swedish group show that total sales over the past financial year fell by 0.7 percent compared to the prior period, totalling 43.8 billion euros, or roughly 44.6 billion dollars. Inter IKEA Group also reported that its operating profit fell by 15 percent to 1.46 billion euros.
