The agreement with Triglav Upravljanje nepremičnin, the real estate arm of insurer Zavarovalnica Triglav, will be fulfilled provided that the area is rezoned as required, Triglav said.

The move comes after Ikea signed a memorandum of understanding with the City of Ljubljana in September to resolve all issues related to the project, including the construction of infrastructure, spatial plans and the necessary permits.

Ikea's investment is estimated at EUR 80m and the store would span over 30,000 m2. It is unclear as yet when construction could start.