Ares Management’s real estate arm has teamed up with London property investor Black Mountain Partners to buy an 11-storey office and retail building.
Funds managed by Ares Real Estate Group and Black Mountain have acquired 68 King William Street, London EC4 for an undisclosed sum, the companies said in a joint statement.
The 97,538sqft 68 King William Street asset is currently home to a diverse mix of office, food and beverage, and retail tenants.
Black Mountain will act as development managers on the project, which will include a comprehensive modern refurbishment.
John Ruane, partner in the Ares Real Estate Group, said: “This acquisition of 68 King William Street fits Ares’ longstanding investment strategy of implementing hands-on value creation initiatives for well-located assets in major city centres.
“By partnering with Black Mountain Partners on this unique office and retail opportunity that includes a very strong tenant base, we believe we can drive improvements that will further add value and establish the building’s long-term success.”
This is the first transaction for Black Mountain Partners, which was founded in 2018 by Australian entrepreneur Oliver Corlette.
Oliver Corlette, CEO of Black Mountain Partners, said: “The acquisition of an asset of this stature and profile is a signal of our intent.
“London’s extensive infrastructure, deep talent pool and world-class lifestyle and cultural offering will always ensure it is a compelling place to live and do business. Any short-term turbulence will pass.”