Businessman Puiu Popoviciu has sold the IKEA operations inRomania to Swedish IKEA group in a very discreet deal, worth morethan 30 million euros, industry sources told Ziarul Financiar. Thedeal was signed several days ago and all parties were "satisfied",the sources said.
Popoviciu brought the famous IKEA retail chain to Baneasacomplex via a franchise in 2007, following 25 million-euroinvestments. The 26,000 square metre store is one of the mostpowerful anchors of the shopping complex the entrepreneur developedin northern Bucharest.
Puiu Popoviciu, 49, is one of the lowest-profile businessmen,doing business in real estate (he is one of the most importantowners of retail real estate in Bucharest), on the hotel market(Howard Johnson, Ramada Plaza and Ramada Parc) and on therestaurant market (KFC). His business partner is RaduDimofte.
The opening of IKEA came during a time of economic boom, whichhelped double sales in the first year compared with initialestimates, to 70 million euros. Also in its first year IKEA posted4.6 million-euro net profit, proving expectations of losses in thefirst few years wrong.
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