TH Real Estate is putting its Nova Lund shopping centre in Sweden up for sale, PropertyEU has learned. CBRE has been mandated as advisor on the sales process.
Constructed in 2002 by developer JM and sold to Unibail-Rodamco in the same year, Nova Lund is one of Sweden’s best performing regional shopping centres. Located in Lund (20 km northeast of Malmo), in the south of the country, it comprises a 20,000 m2 shopping centre, a 6,000 m2 adjacent complementary retail park and around 1,500 parking spaces.
Key tenants include H&M, Stadium, Intersport and Kappahl.
TH Real Estate acquired the centre in March 2015 for SEK 1635 mln – around €176 mln at the time - for a net initial yield of 5.5%. The mall is expected to fetch around €190 mln for a yield in the low 5% range. The mall is expected to attract both domestic and international bidders.
TH Real Estate could not be reached for comment. CBRE declined to comment.