Ares Management has bought an office portfolio spanning six countries from IVG Institutional Funds.
Ares said the 240,000sqm portfolio of 30 assets located in the UK, France, Netherlands, Belgium, Finland and Spain was valued at more than €400m.
It is the second pan-European portfolio this year to be acquired by Ares from IVG, following the 45,000sqm, eight-property office and retail acquisition announced in February.
Bill Benjamin, partner in the Ares Real Estate Group, said: “We believe this portfolio provides several compelling asset management opportunities, including the ability to create significant value from leasing.”
IVG Institutional Funds has been selling real estate assets. Earlier this year, it sold Frankfurt skyscraper Silberturm to South Korea’s Samsung SRA Asset Management.
Martin Tartsch, executive director at IVG Institutional Funds, said: “The disposal of this complex multi-fund, multi-country portfolio demonstrates IVG’s commitment to delivering above expectation performance to our clients.
“Our investors continue to show their support to IVG Institutional Funds through new products and strategies across Europe.”