TIAA-CREF lands first Nordic acquisition for $190m

TIAA Henderson Real Estate, on behalf of TIAA-CREF, has made a property deal with Unibail Rodamco to the value of $190m.

This is the group’s first Nordic deal for a 19847m² shopping center, a retail park measuring 6137m² and around 1500 parking bays.

The Nova Lund Shopping Center was built during 2002 and is known as one of the top-performing centers within Sweden.  It is situated in Lund, in the southern region of the country and boasts anchors such as Lindex, KappAhl, H&M, Intersport and Stadium.

The acquisition of this center is a unique opportunity as it is a coveted asset.  It has tenants that cater for upmarket clients, within a catchment area of 140000 consumers.  The city where it is located, Lund, boasts one of the highest European purchasing powers and its population is expected to increase with time.  

After this particular acquisition, TH Real Estate’s portfolio in the Nordic region includes one office, four retail parks and four shopping centers.  

Advice was offered to TH Real Estate by PwC and Linklaters, and Unibail Rodamco obtained advice from Vinge, Catella and Cushman & Wakefield.

According to David Turner, the head of TIAA European investment, this acquisition is the first step in the decision made by TIAA-CREF to invest within the Nordic area.  They intend becoming a long-term investor in the area and will form partnerships in the future.