宜家瑞典“金主”卖场子，险资160亿接盘荟聚

Core Viewpoint - Ingka Group, the parent company of IKEA, plans to sell its shopping centers in Beijing, Wuxi, and Wuhan, potentially clearing out the remaining seven centers in the future, raising questions about the timing and motivations behind this decision [5][6][14]. Summary by Sections Sale of Shopping Centers - Ingka Group intends to sell three shopping centers with a total estimated value of 16 billion yuan, with the buyer being a fund led by Taikang Life Insurance [6][18]. - The three centers have been operational for about ten years and are among the most popular shopping destinations in their respective cities [14][12]. Financial Performance - Ingka Group reported a revenue decline of 5.5% to 41.864 billion euros in the 2024 fiscal year, with net profit dropping by 46.5% to 0.806 billion euros [16]. - The operating cash flow for 2024 was 2.9 billion euros, down 17% from the previous year, marking a significant performance drop compared to the previous years [16]. Investment and Valuation - The investment of 16 billion yuan for the three shopping centers represents a 60% increase from the initial investment of 10 billion yuan [18]. - The average valuation per square meter for the three centers is approximately 1.39 million yuan, which is higher than some recently listed REITs but lower than others [20][21]. Market Context - The shopping centers have shown strong performance, with Wuxi's center achieving sales of 4.3 billion yuan in 2024 and Beijing's center expected to reach around 10 billion yuan in sales [12][16]. - The sale is seen as a strategy for Ingka to recover cash and alleviate financial pressure while maintaining operational control over the centers [17][24]. Future Prospects - The deal is structured as a Pre-REITs investment, indicating potential for future appreciation and a commitment from Ingka for a return rate close to 7% during the investment period [22][24].