TIAA Henderson Real Estate (TH Real Estate) has exchanged contracts for the acquisition of the Nova Lund shopping center from Uni-bail-Rodamco for €176 million.

The property is to be acquired on behalf of TIAA-CREF and represents its first acquisition in the Nordic region. The mall comprises a 19,847-sq-m shopping center, a complementary adjacent 6,137-sq-m retail park, and around 1,500 parking spaces. Constructed in 2002, Nova Lund 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 country’s south, it is anchored by a strong mix of fashion retailers, including H&M, Stadium, KappAhl, Intersport, and 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, at 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 around 140,000-consumer catchment. The city of Lund has one of the highest purchasing powers in Europe and its population is projected to increase over the long term. The center will continue to benefit from its core characteristics, a stable cash flow, and Sweden’s positive retail sales growth.”

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