LOS ANGELES & LONDON--(BUSINESS WIRE)--Ares Management, L.P. (NYSE:ARES) announced today that a real estate fund it manages has acquired two designer outlet centers located in the French regional cities of Troyes and Roubaix from Resolution Property for approximately €200 million. The centers will continue to be managed by McArthurGlen, which has made a minority investment in the centers as part of this transaction. The outlet centers together comprise a total of approximately 47,000 square meters and feature strong retail tenants, including Polo Ralph Lauren, Nike, and Hugo Boss, among many others. The Troyes location is the largest outlet center in France.
The Ares Real Estate Group has invested in European outlet centers in the past, and continues to be an active investor in European retail real estate, having announced the acquisition of a portfolio of three U.K. retail parks in December 2015 from Land Securities, and the formation with Redevco in September 2015 of a joint venture for retail investments in Spain and Portugal.
“Both of these retail outlet centers have dominant locations and have served as popular shopping destinations in the northeastern regions of France,” said John Ruane, Partner in the Ares Real Estate Group. “We are also excited to partner with McArthurGlen, the leading European outlet center operator, to continue to manage the properties. We have identified significant potential to create value through active management, including improving the tenant mix and upgrading the buildings to enhance the shopping experience.”
Mike Natas, McArthurGlen’s Deputy Managing Director of Development, said: “Having managed the successful Troyes and Roubaix designer outlets for many years, we are delighted to be partnering with Ares and to become an investor as well. This is another step in our strategy to grow our business across Europe.”
Ares Management, L.P. is a publicly traded, leading global alternative asset manager with approximately $92 billion of assets under management as of September 30, 2015 and more than 15 offices in the United States, Europe and Asia. 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.
For more information, visit www.aresmgmt.com.
About McArthurGlen Group
McArthurGlen Group, Europe's leading owner, developer and manager of designer outlets, was founded in Europe by Kaempfer Partners in 1993. The company currently manages 22 McArthurGlen Designer Outlets across eight countries in Europe and in Canada. In 2013, McArthurGlen became a joint venture between the Kaempfer Partners and Simon Property Group Co. (NYSE:SPG), the world's largest public retail property company.
For more information, visit www.mcarthurglengroup.com.
Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Ares’ filings with the Securities and Exchange Commission. Ares undertakes no duty to update any forward-looking statements made herein.