Ares Management Announces Sale of its Stake in 40-Property, 1,000,000-Square-Meter Pan-European Logistics Portfolio
Ares Management Corporation Class A (ARES)
Last ares management corporation class a earnings: 2/13 06:00 am
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Source: Business Wire
LONDON & LOS ANGELES--(BUSINESS WIRE)--Ares Management Corporation (NYSE: ARES) announced today that funds managed by its Real Estate Group have completed the sale of its stake in a 40-property pan-European logistics portfolio to Investec Property Fund, its co-investment partner in the portfolio, for more than €900 million.Ares began aggregating the portfolio in January 2018, and through 12 separate transactions, grew the portfolio to include 40 properties across 31 locations covering more than 1,000,000 square meters. The properties are generally mid-sized and located near airports, ports, and population centers in the major logistics corridors of six European countries, including Germany, France, and the Netherlands. Since aggregating the portfolio, the joint venture improved occupancy levels to 99% and extended average lease terms.“In embarking on this aggregation strategy, our objective was to build a scaled portfolio of well-located, income-generating logistics assets with cl
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