LONDON--(BUSINESS WIRE)--Ares Management L.P. (NYSE:ARES) announced today that it has added to its existing residential portfolio in Germany through the acquisition by funds it manages of an additional 303 residential and 28 commercial units, totaling 22,000 square meters of lettable space. The properties are located in North Rhine-Westphalia and were acquired from a fund managed by Norway-based Obligo Investment Management. Ares now owns more than 2,000 units across Germany.
This transaction is the first add-on acquisition for Ares’ existing residential real estate portfolio in Germany, which consists of almost 1,700 units totaling 108,807 square meters located across several large cities in west and northwest Germany.
“Ares’ commitment to the German residential market is further bolstered by this transaction,” said Bill Benjamin, Senior Partner of the Ares Real Estate Group and Head of Europe and India Real Estate. “We remained highly interested in this portion of the residential market in Germany due to the economic fundamentals that support continued strength in the rental market as well as the depth in the number of institutional investors for properties in this asset class.”
Ares will continue to work with Forte Capital, a Frankfurt-based real estate firm that Ares partnered with to acquire and manage its first German residential investment, in order to add value and reposition the expanded portfolio.
About Ares Management
Ares Management, L.P. (NYSE: ARES) is a leading global alternative investment manager with approximately $86 billion of assets under management and more than 15 offices in the United States, Europe and Asia as of December 31, 2014, pro forma for the acquisition of Energy Investors Funds on January 1, 2015. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its four distinct but complementary investment groups in Tradable Credit, Direct Lending, Private Equity and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole.
About Forte Capital
Forte is a Frankfurt-based real estate firm focusing on value-add and opportunistic investments in German residential and office properties.