LOS ANGELES & LONDON--(BUSINESS WIRE)--
Ares Management L.P. (NYSE:ARES) announced today that funds managed by
its real estate group have signed an agreement for the sale of an
approximately 1,550-unit residential portfolio across the Greater
Copenhagen, Aarhus, Odense, Sjaelland and Triangle regions of Denmark to
Heimstaden for DKK 2.9 billion (approximately €393 million). The
portfolio sale includes the purchase of 26 properties expected to be
completed by 29 September, with the purchase of an additional four
property purchases to be completed between the fourth quarter of 2017
and the second quarter of 2019.
In the past 22 months, Ares completed the seven acquisitions that
comprise the assets in this portfolio, improved the assets to
institutional quality, and now executed on the disposition to
Heimstaden, one of the leading residential landlords in the Nordics.
“Our execution on the residential opportunity in Denmark is reflective
of our strong overall track record in residential assets across Europe,
specifically in the U.K. and Germany,” said Bill Benjamin, Partner of
Ares Management and Head of the Ares Real Estate Group. “This portfolio
sale demonstrates our longstanding real estate strategy of acquiring
assets with value-add potential in or near large city centers in major
European markets, making key improvements to increase occupancy, and
selectively scaling the portfolio to attract institutional investors.”
Ares expects to continue to work with its local Danish partner, SF
Management, to pursue further acquisition opportunities.
Ares was advised on the transaction by JLL in partnership with Sadolin &
Albaek.
About Ares Management, L.P.
Ares Management, L.P. is a publicly traded, leading global alternative
asset manager with approximately $104 billion of assets under management
as of June 30, 2017 and more than 15 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.
About Heimstaden
Heimstaden is one of the leading residential real estate companies in
the Nordics. The company owns, refines, develops and manages properties
in Sweden and Denmark. In Sweden, operations and property portfolio is
divided into four geographical areas; North, Central, South and Scania,
with a strong local presence. Heimstaden has approximately 21,800
apartments and a property value of approximately SEK 30.8 billion in
value. Heimstaden’s preferred shares are listed on Nasdaq OMX First
North Premier and bonds on Nasdaq Stockholm. Heimstaden is headquartered
in Malmö. For more information, please visit www.heimstaden.com.
About SF Management
SF Management is an investment and asset manager with offices in
Copenhagen and Luxemburg. Specializing in the Nordic region on real
estate investment transactions, real estate financing, and portfolio
optimization, SFM operates on behalf of family offices and private
equity firms within the residential and student housing sector.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170921006124/en/
For Ares Management:
Media:
Mendel Communications
Bill
Mendel, 212-397-1030
[email protected]
or
Investors:
Carl
Drake, 800-340-6597
[email protected]
or
Priscila
Roney, 212-808-1185
[email protected]
or
For
Heimstaden:
Magnus Nordholm, +46 705 29 31 44
[email protected]
or
For
SF Management:
Kristian Foss
[email protected]
Source: Ares Management L.P.
