TIAA Henderson Real Estate agrees to acquire Nova Lund Shopping Centre in Sweden

New York, NY, March 6, 2015 — TIAA Henderson Real Estate (TH Real Estate), has exchanged contracts for the acquisition of Nova Lund Shopping Centre in Sweden, from Unibail Rodamco for €175m. 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 4 shopping centres, 4 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 Aström, 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 its 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 favor 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.”

About TIAA Henderson Real Estate

TIAA Henderson Real Estate (TH Real Estate) is an established investment management company with specialization in real estate equity and debt investing worldwide. As one of the largest real estate managers in the world, TH Real Estate has the scale, capital resources and knowledge to provide creative and effective real estate investment solutions for clients. With a focus on the retail, office, logistics, debt and multi-family sectors, TH Real Estate emphasizes sustainable practices to protect assets and maximize their value.
Launched in April 2014, the company has a dedicated global presence with offices across Asia and Europe, managing c.$25.2bn of real estate assets across c.50 funds and mandates.
Together, the TIAA-CREF real estate and TH Real Estate platforms represent one of the largest real estate investment management enterprises in the world, with a combined total of c. $82 bn* in real estate assets under management.
The company is jointly owned by TIAA-CREF (60%) and Henderson Global Investors (40%) bringing it a combined track record of over 90 years in global real estate. Its products are managed by specialist teams, which apply their own experience to the management and style of their portfolios. Each team is supported by an experienced senior management team and integrated investment platform, including finance, debt and currency management, performance analytics, client service, fund and transaction structuring, development, sustainability and research.
TIAA Henderson Real Estate Limited (TH Real Estate) is a real estate investment management holding company owned by Teachers Insurance and Annuity Association of America (TIAA) and Henderson Global Investors. TH Real Estate securities products distributed in North America are advised by UK regulated subsidiaries or TIAA-CREF Alternatives Advisors, LLC, a registered investment advisor and wholly owned subsidiary of TIAA, and distributed
TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products.