Global alternative investment manager The Carlyle Group ("Carlyle") has acquired an office and residential led mixed use portfolio in the Nacka Strand area of central Stockholm for SEK 2.95 billion (337 million) from Vasakronan, Sweden's national pension fund. Carlyle invested through its third European real estate fund CEREP III, which raised 2.2 billion of equity.
The portfolio includes 49 buildings providing 197,775 m² of space.
The portfolio comprises 16 freehold properties containing forty-nine buildings providing 197,775 m² of space to let, along with parking facilities for around 2,000 cars. The prime oceanfront location is well connected by public transport and is ten minutes by car from Stockholm city centre, as well as five minutes from the Nacka Forum shopping mall, which offers 150 stores, cafes and restaurants.
With approximately 5,500 people working or attending school in Nacka Strand and the existing Yacht club and conference facilities, the area has strong growth potential. Carlyle's intends to further develop the assets to capitalise on the residential appeal of this exclusive district in Stockholm.
The seller, Vasakronan, is a real estate company that owns and manages a portfolio of 219 office and retail assets in Sweden
Thomas Lindstrom, Managing Director at Carlyle European Real Estate and head of is Swedish operations, commented: "This is a really prime asset with significant potential for future development to further enhance both the residential and office facilities. We are very pleased to have concluded this transaction which underlines our ability to act quickly in sourcing and executing attractive deals that allow us to create value for our partners."
Source: FTI Consulting