GLOBAL - Carlyle Group has successfully refinanced its subsidiary Freeport, saying that the assets had been provided by a sovereign wealth fund "based in the Middle East".
Freeport, part of Carlyle Europe Real Estate, also announced that it has created a new entity, with Freeport Retail providing outsourced asset management services.
Freeport Retail has already assumed management of a centre in the Danish capital of Copenhagen - the Ringsted Outlet jointly owned by TK Development and the Miller Group - with Freeport's chief executive Iestyn Roberts saying it would allow the company to "grow income for other investors using the same expertise".
Addressing the refinancing of Freeport, Carlyle European Real Estate managing director Robert Hodges said: "The new investment we have secured for Freeport underpins its strong position in the European outlet mall sector.
"We see the creation of Freeport Retail as offering a valuable new service to capitalise on this expertise as we explore further investment opportunities across Europe."
A number of sovereign wealth funds could the source of refinancing, with the Qatari scheme's real estate subsidiary Qatari Diar recently outbidding the UK's Wellcome Trust to acquire a £557m (€646m) stake in the London Olympic Village.
Other potential investors include the Abu Dhabi Investment Authority, the second-largest institutional investor behind Japan's Government Pension Investment Fund and the Kuwait Investment Authority.