The global alternative asset manager, The Carlyle Group (Carlyle), has announced an investment in the Swedish real estate market with the acquisition of the Gallerian and Punkt retail gallerias from Boultbee. The purchase price was not disclosed.
The gallerias contain a mix of leading national retail chains and have a lettable area of 45,000 m² with approximately 1,500 parking spaces. The lettable area is dominated by retail, but also includes some office space. Carlyle intends to carry out an extensive refurbishment of the two gallerias to further increase their appeal to both tenants and occupiers.
Thomas Lindström, Managing Director at Carlyle, comments: "Gallerian and Punkt represents and exciting investment for Carlyle and fit perfectly with our strategy of investing in properties that can benefit from extensive refurbishment.
"During the financial crisis few investors outside the Nordic region have acquired real estate in Sweden. However, this investment underlines our belief in the long-term potential in the Swedish market. We expect the refurbishment will further enhance the value of the gallerias as well as the retail offering in Västerås city center."
The portfolio was acquired through the Carlyle property fund CEREP III.