Swedish property company Klövern has signed a letter of intent to acquire the €400 mln Globen City portfolio in Stockholm from private equity firm Carlyle Group.

Swedish property company Klövern has signed a letter of intent to acquire the €400 mln Globen City portfolio in Stockholm from private equity firm Carlyle Group.

As part of the agreement, Klövern will gain the exclusive rights to carry out due diligence of the properties which include Arenan 2, 3, 6 and 8 in Stockholm, and Startboxen 3 in Solna. The package provides a total 140,000 m2 of primarily office space and is likely to fetch around SEK 3.5-4 bn (€450 mln).

The final purchase agreement is expected to be signed at the end of the first quarter.

'We believe Globen City is a very exciting market which will gain even more in attractiveness with the planned development of Söderstaden. This acquisition increases Klövern's exposure to Stockholm substantially, after the transaction the Stockholm region will account for around 50% of Klövern's property value,' commented the company's CEO Rutger Arnhult.

Catella advised Carlyle on the deal.

Carlyle bought the package in June 2007 for an undisclosed amount.