Swedish furniture superpower Ikea will be assembling and delivering its very own city district, complete with shops, apartments, and office space for thousands of residents, in Hamburg, Germany. "We want to build a new city district for the benefit of Hamburg," says the head of Ikea's property subsidiary. Ikea is also spearheading a similar development in eastern London, reports AFP.
Just last week, the furniture company unveiled a venture into the hotel business, announcing an investment of $1.25 billion into the opening of at least 100 hotels in Europe. The hotels will not be stamped with Ikea's brand, but instead will be run by a hotel management firm. How much is Ikea itself worth? It was recently valued at more than $11 billion.