Ares European Real Estate Debt Closes 6th Transaction, Bringing Total Commitments to €800 Million Since Launching in 2022
Mar 13, 2023 9:00 AM
Includes £186 Million Financing for GreenPoint’s Acquisition of an Extensive UK Parking Portfolio Located in Key Markets
LONDON—March 13, 2023—Ares Management Corporation (“Ares”) (NYSE: ARES) announced today that its European Real Estate Debt team has closed on a £186 million senior loan to finance the acquisition of a UK car parking portfolio led by GreenPoint Partners ("GreenPoint"), an alternatives firm investing at the intersection of real assets, technology and sustainability.
The portfolio includes long term leases with one of the largest UK car parking operators, including 37 car parking facilities with a total of nearly 15,000 spaces in city center locations across London, Manchester, Liverpool, Bristol and Birmingham. As part of the business plan, GreenPoint is targeting financially accretive and ESG value-add initiatives across parking lot assets in the portfolio. These initiatives will include implementing electric vehicle charging ports and LED lights as well as other energy efficiency projects.
“This investment is a testament to the relationship advantages of Ares’ leading global credit platform and the Ares European Real Estate Debt team’s ability to step in as a flexible solutions provider during volatile market environments,” said Philip Moore, Partner and Head of European Real Estate Debt in Ares Real Estate. “We have continued to grow our team over the last year as we see a robust market opportunity for real estate credit in the U.K. and Western Europe. We believe that current market dynamics, underpinned by the long-term trend of regulatory-driven bank retrenchment, have created an excellent environment for real estate lenders and an attractive relative value opportunity for investors.”
“We are proud to receive financing support from Ares as we seek to expand our European mobility logistics platform in high-density metro locations,” said Chris Green, Founder and CEO of GreenPoint. “We are also excited to continue to build on our mission to create market-leading sustainable platforms. Over time we aim to develop a portfolio of high-quality mobility logistics assets that can also play an important role in the decarbonization of transportation.”
Launched in January of 2022, The Ares European Real Estate Debt team has now originated and closed on approximately €800 million of real estate loans across Europe, including this latest transaction. Over the last year, the team has remained focused on developing its capabilities and infrastructure as it builds a diversified and balanced portfolio across its high conviction sectors including logistics, multifamily and alternatives in the major cities of Western Europe. Leveraging a highly collaborative approach across the Ares platform, the team is fully integrated into Ares’ global real estate team and benefits from Ares’ global leadership position in credit.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of December 31, 2022, Ares Management Corporation’s global platform had approximately $352.0 billion of assets under management with more than 2,550 employees operating across North America, Europe and Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.
About Ares Real Estate
Ares Real Estate manages comprehensive public and private, equity and debt strategies, with approximately $51.2 billion of assets under management and approximately 240 investment professionals, as of December 31, 2022. The Ares Real Estate team maintains a time-tested and consistent investment approach across equity and debt strategies focusing on major property types that have value creation opportunities, located in liquid markets with diversified economies.
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