Global private equity firm The Carlyle Group, has acquired 12 buildings in the Stockholm area. Through Carlyle Europe Real Estate Partners the group has acquired a portfolio in the Globen area of central Stockholm along with a modern office building, Startboxen, just north of the city.
The Globen portfolio is located next to the national Globen arena whose unique shape has become a symbol for Stockholm. The portfolio comprises 11 buildings erected between 1989 and 2001 with a lettable area of 114,000 square metres, comprised mainly of office space along with a shopping centre, and 1,500 garage parking spaces.
The twelth building is Startboxen 3, a modern office property located in Frösunda/Järva Krog, northwest of Stockholm, on the way to Arlanda Airport. The building, which is currently vacant, has a total lettable area of over 18,000 square metres.
Thomas Lindstrom, managing director, The Carlyle Group said: "Globen and Startboxen represent an exciting investment for Carlyle and fit perfectly with our strategy of investing in properties that can benefit from thoughtful redevelopment. We hope to take advantage of the excellent Globen location and particularly strengthen the retail offering, while adding residential space. Startboxen shows significant development potential through leasing of the vacant space and the building will undergo extensive refurbishment. We expect these developments to make a major impact in the Swedish real estate market."
The Carlyle Group has $58.5 billion (43.48 billion) under management. Carlyle Europe Real Estate Partners manages two active funds - 430 million CEREP and 763 million CEREP II - which invest in real estate across Europe, focusing on offices, retail and industrial and logistics centres. The team includes 40 professionals and has seven offices in Frankfurt, Paris, London, Milan, Stockholm, Madrid and Luxembourg. Carlyle Europe Real Estate Partners has invested and committed approximately 1.4 billion in equity in 62 transactions across eight countries, since 2001.
Source: Carlyle Group