LOS ANGELES & LONDON--(BUSINESS WIRE)--Ares Management L.P. (NYSE: ARES) announced today that funds managed by its real estate group have completed the acquisition of a portfolio of seven office properties located in major cities in Germany, the Netherlands, Austria and Finland, comprising 159,000 square meters.
This diversified portfolio includes assets located in four of the “Big Seven” German office markets (Frankfurt, Munich, Dusseldorf and Hamburg) as well as in Vienna, Rotterdam and Helsinki and marks the fifth pan-European portfolio acquisition for the Ares Real Estate Group in recent years. The Ares Real Estate Group utilizes its local presence in each of the key European markets in order to identify, evaluate, underwrite, and finance complex cross-jurisdictional opportunities.
“This transaction further demonstrates our proven expertise in completing complex transactions across multiple countries, giving sellers confidence in our ability to close in a timely manner,” said James Piper, Partner in the Ares Real Estate Group. “This portfolio adds to our array of high-quality properties in major European cities - and in particular Germany – where we continue to see tightening supply and strong occupational demand in the office markets. Furthermore, it provides several compelling asset management opportunities, including creating significant additional value from leasing as well as repositioning some of the assets.”
About Ares Management, L.P.
Ares Management, L.P. is a publicly traded, leading global alternative asset manager with approximately $106.4 billion of assets under management as of December 31, 2017 and 18 offices in the United States, Europe, Asia and Australia. 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 three distinct but complementary investment groups in Credit, 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.