Carlyle sells Stockholm's Kadetten office scheme

Global alternative asset manager the Carlyle Group (Carlyle) has sold the Kadetten 29 property in central Stockholm to Swedish real estate company Kjell Ericsson & Partner Fastighetsförädling. The companies agreed not to disclose the purchase price.

Kadetten offers 9,500 m² of office accommodation close to the centre of Stockholm. Carlyle bought the building in 2007 for EUR 29 mln on behalf of its CEREP II property fund. Since the acquisition the asset manager has substantially redeveloped and repositioned the asset, making strong progress with lettings. Carlyle has signed tenants such as IDG, one of the world's largest publishers of IT-related information, workforce solution company Manpower, and private education company Jensen Education.

'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,' said Thomas Lindström, managing director at Carlyle. '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.'

Carlyle Europe Real Estate, which is responsible for European property investments within The Carlyle Group, has EUR 3.4 bn of assets managed from six offices in Frankfurt, London, Madrid, Milano, Paris and Stockholm.