Baltic, Estonia, EU – Baltic States, Markets and Companies, Real Estate, Woodwork

At present IRI owns 6,199 hectares of land and forest land makes up 5,366 hectares of it.

As at Aug. 19, the company owned about 5,900 hectares of land, including more than 5,300 hectares of forest.

IKEA is planning to open an office specializing in the purchase of land in the south Estonian city of Tartu at the end of this year, the first such office in Estonia. It already has similar offices in the Latvian capital Riga and in Lithuania's second biggest city Kaunas.

According to the Commercial Register, the board members of IRI Investments Estonia OU are Andriy Hrytsyuk, Frederik De Jong and Paulius Gruodis. Hrytsyuk and De Jong are staffers of IKEA Group, whereas Gruodis is a lawyer at Glimstedt law office in Lithuania.

The company owns properties in all countries of Estonia save for Saare and Hiiu.

At the end of 2015, IRI Investments Estonia owned 14 properties with a total area of 228 hectares. This means it has acquired 5,971 hectares of land so far in 2016.

The Estonian company registered in December 2001 was acquired by the IKEA Group company IRI Investments B.V. in June 2016. Before acquisition by IKEA the company had effectively no revenue and the total value of its properties at the end of 2014 was 265,000 euros.