Sweden’s Ikea Group has announced the buy-out of its joint venture partner’s interest in the property company bearing its brand name.

Inter Ikea Centre Group currently owns 45 shopping centres in China, Russia and Europe, each anchored by an Ikea furniture and homewares store.

After the acquisition of its JV partner Inter Ikea’s 51 per cent interest, the business will be renamed Ikea Centre Group and will continue to be led by its existing CEO John Tegner.

The immediate plan is to expand the network by adding a further 20 new shopping centres.

“The business idea is to build leading retail outlets connected to Ikea stores,” Tegner said in a statement.