Madison International Realty ,a leading real estate private equity firm, and Carucel Eieindom, a Norwegian investor in retail, office, resorts, logistics and residential properties, announce that they have created a new residential platform, Carucel Living, which will focus on the Oslo rental market. Madison and Carucel believe in the long-term attractive 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 approx. 30% stake through an initial equity investment. 

Carucel Living will target investments in three specific subsectors comprising 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 coplete in October.

Through a combination of in-house expertise and long-term strategic partnerships, Carucel will operate, develop and grow the Carucel Living platform while undertaking a programme of asset management initiatives that will seek to unlock additional value through tangible operational improvements.


This is Madison’s latest venture with Carucel, with both parties already working together on Norway’s largest urban development project at Oslo Bay. Oslo Bay is a portfolio of 38,000 sqm of assets in Bjørvika, in the heart of Oslo, which Madison and Carucel acquired in 2019.


Craig Mason, Vice President, Investments, at Madison International Realty, commented: “We believe Norway is a highly attractive investment market with a residential sector that is underpinned by significant tailwinds, while its fragmented nature presents a compelling opportunity to consolidate a portfolio of quality assets, seeking to capture a leading market position. More broadly, we think the relative stability of the European residential market looks attractive against an uncertain macroeconomic backdrop.


“We have experience in the Nordics and have previously worked with Carucel on projects in Oslo, so we think they are an excellent operating partner with deep local expertise. We look forward to working together with them to scale up Carucel Living over the coming years.”


Carl Erik Krefting, CEO of Carucel Eiendom AS, added “We are very pleased to continue our cross border relationship with Madison. This is the third time we have had the pleasure of working with them to invest in and develop prime Norwegian real estate, utilising Madison's professional and experienced team whose support enables us to continue our expansion in the residential sector."