The global alternative asset manager The Carlyle Group has announced that it has sold the property, Kadetten 29, in central Stockholm to the real estate company Kjell Ericsson & Partner Fastighetsförädling AB. It was agreed not to disclose the purchase price.
Kadetten is a highly accessible property offering superior quality office accommodation of approximately 9,500 m² close to the central of Stockholm. Since the acquisition in February 2007 Carlyle has substantially redeveloped and repositioned the asset, and has made strong progress with lettings. Carlyle has signed tenants such as IDG, one of the world's largest publishers of IT-related information, the world leading workforce solution company, Manpower, and the private education company Jensen Education.
Thomas Lindström, Managing Director at Carlyle, comments: "Kadetten was the first investment in Sweden after building a Nordic office and team here and we are delighted to have found a renowned buyer for the property. To us this transaction together with our recent acquisitions in Västerås confirms increased activity on the Swedish real estate market. Carlyle sees great potential for further property investments in the Nordic region."
Anders Hörnqvist, Property Director at Carlyle, comments: "We are very satisfied with the sale of Kadetten. This demonstrates that Carlyle has created a high quality asset in the center of Stockholm that meets the highest standards."
Kadetten was acquired in 2007 through the Carlyle property fund CEREP II.