TIAA Henderson Real Estate signed a deal to buy the Nova Lund shopping center in Sweden from Unibail Rodamco for €175m. Acquired on behalf of TIAA-CREF, the agreement includes the 19,847 sqm of retail center as well as an adjacent 6,137 sqm complementary retail park and around 1,500 parking spaces. TH Real Estate was advised by Linklaters and PwC, while Unibail Rodamco was advised by Cushman & Wakefield, Catella and Vinge. Built in 2002, Nova Lund’s tenant mix includes H&M, Stadium, KappAhl, Intersport & Lindex.
“The acquisition of Nova Lund represents a unique opportunity to acquire one of the market’s most coveted assets,” Johan Åström, head of investment for Sweden at TH Real Estate. “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.”
