Global alternative asset manager Carlyle has announced the acquisition of the Gallerian and Punkt retail galleries in Sweden from UK-based investor Boultbee for over £80 mln (EUR 94 mln).

Boultbee purchased the properties located in central Västerås in 2004 for £70 mln. The gallerias contain a mix of leading national retail chains and have a lettable area of 86,000 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.

'Gallerian and Punkt represents an exciting investment for Carlyle and fit perfectly with our strategy of investing in properties that can benefit from extensive refurbishment,' said Thomas Lindström, managing director at Carlyle.

The portfolio was acquired through the Carlyle property fund, CEREP III. The Vasteras deal was brokered on behalf of Boultbee by Aurum Real Estate.

The transaction represents the latest in a string of retail sales by Boultbee in Sweden and is in line with the company's strategy to release capital for fresh investment in its new UK portfolio. In the last three months the company has purchased properties in Edinburgh, Oxford, Norwich and Gloucester.

'Because our loan to values ratios were so low this frees up a lot of equity for the planned £250 mln portfolio we are currently. assembling in the UK,' said Chairman Steven Boultbee Brooks.