Madison International Realty, Carucel create new Norwegian residential investment platform
Madison International Realty and Carucel Eiendom AS, a Norwegian investor in retail, office, resorts, logistics and residential properties, have created a new residential platform, Carucel Living, which will focus on the Oslo rental market.
Madison and Carucel believe in the long-term prospects of the Oslo residential market and see substantial opportunities to address the current supply-demand imbalance by bringing forward the supply of high quality, professionally managed homes.
The Carucel Living portfolio has been seeded with a portfolio of 21 high-quality properties, with Madison acquiring an approximate stake through an initial equity investment.
Carucel Living will target investments in three specific subsectors — build-to-rent, co-living and serviced apartment concepts. Madison has committed to invest further capital into Carucel Living to facilitate growth of the platform. The initial transaction is scheduled to be complete in October.