Billionaire Puiu Popoviciu sells IKEA

Businessman Puiu Popoviciu has sold the IKEA operations in Romania to Swedish IKEA group in a very discreet deal, worth more than 30 million euros, industry sources told Ziarul Financiar. The deal was signed several days ago and all parties were “satisfied”, the sources said. Popoviciu brought the famous IKEA retail chain to Baneasa complex via a franchise in 2007, following 25 million-euro investments. The 26,000 square metre store is one of the most powerful anchors of the shopping complex the entrepreneur developed in northern Bucharest. Puiu Popoviciu, 49, is one of the lowest-profile businessmen, doing business in real estate (he is one of the most important owners of retail real estate in Bucharest), on the hotel market (Howard Johnson, Ramada Plaza and Ramada Parc) and on the restaurant market (KFC). His business partner is Radu Dimofte.

The opening of IKEA came during a time of economic boom, which helped double sales in the first year compared with initial estimates, to 70 million euros. Also in its first year IKEA posted 4.6 million-euro net profit, proving expectations of losses in the first few years wrong.