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TH Real Estate agrees to acquire Nova Lund Shopping Centre in Sweden

Nova Lund

TIAA Henderson Real Estate (TH Real Estate), has exchanged contracts for the acquisition of Nova Lund Shopping Centre in Sweden, from Unibail Rodamco, for SEK 1635m (€176m). The property is to be acquired on behalf of TIAA-CREF and represents its first acquisition in the Nordic region.

The centre comprises a 19,847 sq m shopping centre, a 6,137 sq m adjacent complementary retail park and c. 1500 parking spaces.

Constructed in 2002, Nova Lund Shopping Centre is one of Sweden’s best performing regional shopping centres 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 centres, 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 centre will continue to benefit from the centre’s core characteristics, a stable cash flow and Sweden’s positive retail sales growth.”

David Turner, Head of TIAA European Investment, TH Real Estate added: “This marks the first step in TIAA-CREF’s decision to invest in the Nordic region, a market identified as a key investment target within its European strategy. We particularly favour the retail sector for which we anticipate outperformance in sales growth, driven by population growth, positive consumer confidence and a stable economy. TIAA-CREF’s intention is to become a long term investor in the region, forming strategic partnerships along the way.” 

Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority.TH Real Estate is a name under which Henderson Real Estate Asset Management Limited provides investment products and services.

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