LOS ANGELES & LONDON & PARIS--(BUSINESS WIRE)--
A joint venture between real estate funds managed by Ares Management
Corporation (NYSE: ARES) and EDF Invest announced today the acquisition
of the IKB office building in Düsseldorf, Germany from IKB Deutsche
Industriebank. The transaction closed on February 28, 2019.
Built in 1997, the property comprises approximately 58,500 square meters
of gross leasable area, split across two distinct but connected
buildings. It is located in Kennedydamm, a prominent office submarket of
Düsseldorf, and key tenants include IKB, Helaba, Colt and Berkshire
Hathaway. IKB will remain the largest tenant in the building.
The joint venture plans to transform the property from a primarily
owner-occupied bank headquarters to a modern, multi-tenant office
campus. Cells Property Investors is the local operating partner of the
joint venture.
The transaction is the Ares Real Estate Group’s latest acquisition in
Germany and its fifth acquisition in Düsseldorf over the last two years.
Ares has transacted close to €1.8 billon in Germany over the last 24
months.
About Ares Management Corporation
Ares Management Corporation is a publicly traded, leading global
alternative asset manager with approximately $130.7 billion of assets
under management as of December 31, 2018 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.
About EDF Invest
EDF Invest is the unlisted investment arm of EDF’s Dedicated Assets, the
asset portfolio which covers its long-term nuclear decommissioning
commitments in France. EDF Invest manages over €5.7 billion equity
investments as of December 31, 2018. EDF Invest’s portfolio is made of
three asset classes: Infrastructure, Real Estate and Private Equity. In
Real Estate, EDF Invest’s current assets include office properties,
hotels and shopping centers in France, Italy and Germany. For more
information, visit www.edfinvest.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190314005093/en/
For Ares Management Corporation:
Investors:
Ares
Management Corporation
Carl Drake, 800-340-6597
[email protected]
or
Priscila
Roney, 212-808-1185
[email protected]
Media:
Mendel Communications
Bill Mendel, 212-397-1030
[email protected]
For EDF Invest:
Investors, analysts
and media:
Service de presse EDF, +33 1 40 42 46 37
[email protected]
Source: Ares Management Corporation
