Ingka Centres, a branch of the IKEA franchisee Ingka Group, has announced a new partnership with investment firm GoHigh Capital to establish a real estate fund for China, which will co-own three of Ingka's Livat shopping centers.
Subject to approval by regulatory authorities, the agreement would entail Ingka continuing to manage and operate the centers – one in Wuxi, Jiangsu province, one in Beijing and another in Wuhan, Hubei province – under the Livat brand.
Friday's announcement has been described as a strategic opportunity to leverage Ingka Centres' strong operational expertise, ensure continuity and community connection, and unlock new growth and partnership opportunities for the company.
Along with Ingka Centres, Ingka Group operates two other businesses – IKEA Retail and Ingka Investments. Over the past 16 years, Ingka Centres has developed and operated 10 Livat "meeting places" and three office projects in China, with a total investment of over 27 billion yuan ($3.83 billion). In 2024, Livat Xi'an and Livat Shanghai were added to the portfolio, with the Shanghai center representing Ingka Centres' largest single investment globally at over 8 billion yuan.
A new IKEA store is to be opened in Livat Wuxi, to be operated by IKEA China, along with spaces for rent for new tenants.
"Ingka in China has a long-term established presence and is committed to becoming even more relevant, accessible and sustainable," said Cindy Andersen, who is global president of Ingka Centres.
"It's why we made our biggest investment globally with the opening of Livat Shanghai last year and why we're super excited about our new partnership with GoHigh Capital. It opens up a brand new business and growth opportunity while keeping us deeply invested in and connected to the communities we've been part of for so many years."
The company says China, as a major hub of retail innovation, is a strategic market for Ingka.
IKEA China has also been working to expand its presence, both online and at street level, with five stores opened recently and a growing presence on the online platform JD.
IKEA China has a total of 41 stores in the country, along with three digital channels and two online stores on third party e-commerce platforms.
