IKEA Plans To Build An Entire City District In Germany

Elbphilharmonie HamburgAerial view of the site in 2010

Photo: Getty / Andreas Rentz

IKEA has announced plans to build an entire city district in the German city of Hamburg, reports the AFP.The new district will have shops, apartments and office space for thousands of people. It’s currently searching for a plot of land at least five acres large to build on.

“We want to build a new city district for the benefit of Hamburg,” Harald Mueller, head of the IKEA’s property subsidiary Landprop, told Hamburger Abendblatt.

The mammoth Swedish furniture retailer has been getting increasingly involved with real estate lately. IKEA recently said that it’s opening 100 hotels across Europe, and it is also planning to build a city district in London.

NOW SEE: 25 Brilliant Ways To Hack IKEA Furniture >

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.