Ares Fund Increases Residential Holdings in Germany to More Than
3,900 Units
LONDON--(BUSINESS WIRE)--
Ares Management L.P. (NYSE:ARES) announced today that a fund managed by
its real estate group has added to its substantial residential portfolio
in Germany with the acquisition of a portfolio of 1,300 residential
units totaling over 65,000 square meters of lettable space. The
properties are located throughout metropolitan areas in Northern Germany
as well as along the North Sea and Baltic Sea coasts, the leading
holiday regions in Germany. This transaction is the fourth acquisition
for Ares’ residential real estate portfolio in Germany, which now
consists of more than 3,900 units totaling more than 230,000 square
meters across west and northwest Germany.
“This is a strong addition to our investment strategy in the German
residential market,” said John Ruane, Partner in the Ares Real Estate
Group. “We continue to see both strong letting and investment
fundamentals in the German market in city centers, surrounding
metropolitan areas, as well as holiday regions.”
Ares will continue to work with Forte, a Frankfurt-based real estate
asset manager that Ares partnered with to acquire and manage its
previous German residential investments, in order to add value, reduce
vacancy, and reposition the expanded portfolio.
About Ares Management, L.P.
Ares Management, L.P. is a publicly traded, leading global alternative
asset manager with approximately $99 billion of assets under management
as of December 31, 2016, including approximately $3.6 billion of AUM pro
forma for Ares Capital Corporation’s acquisition of American Capital,
Ltd., which closed on January 3, 2017, 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 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.
About Forte
Forte is a German housing company managing residential portfolios with
over 7,000 apartments from its six offices across Germany with
headquarters in Frankfurt and Berlin. Forte owns the portfolios together
with institutional investors and high net worth individuals. For more
information, visit www.fortecap.de.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170228006756/en/
For Ares Management:
Media:
Mendel Communications
Bill
Mendel, 212-397-1030
[email protected]
or
Investors:
Carl
Drake, 800-340-6497
[email protected]
Source: Ares Management, L.P.
