TIAA Henderson Real Estate , has exchanged contracts for the acquisition of Nova Lund Shopping Centre in Sweden, from Unibail Rodamco, for SEK 1635 mln (€176 mln). The property is to be acquired on behalf of TIAA-CREF and represents its first acquisition in the Nordic region. The center comprises a 19,847 m² shopping center, a 6,137 m² adjacent complementary retail park and approx. 1500 parking spaces.
Constructed in 2002, Nova Lund Shopping Centre is one of Sweden’s best performing regional shopping centers with an outstanding track record and a highly attractive retail mix. Located in Lund (20 km northeast of Malmo), in the south of Sweden, it is anchored by a strong mix of fashion retailers including H&M, Stadium, KappAhl, Intersport & Lindex.
Following the acquisition of Nova Lund, TH Real Estate’s Nordic portfolio under management now includes four shopping centers, four retail parks and one office.
TH Real Estate was advised by Linklaters and PwC. Unibail Rodamco was advised by Cushman & Wakefield, Catella and Vinge.
Johan Åström, Head of Investment, Sweden, TH Real Estate said: “The acquisition of Nova Lund represents a unique opportunity to acquire one of the market’s most coveted assets. Its upmarket tenant line up and strong fashion identity, unparalleled in the primary catchment area, cements its spot as the primary retail destination for its c. 140,000 consumer catchment. The city of Lund has one of the highest purchasing powers in Europe with a projected population increase over the long term. The center will continue to benefit from the center’s core characteristics, a stable cash flow and Sweden’s positive retail sales growth.”
Source: TH Real Estate