NORTH AMERICA – Ares Management has said it plans to acquire Area Property Partners, including a minority stake held by National Australia Bank.

Financial terms for the deal, which regulators must still approve, were not disclosed.

LA-based Ares, which has $59bn (€45bn) in assets under management, has investments in Asia, Europe and the US.

Area's funds target a broad range of opportunistic, value-added and debt investments throughout Europe, India and North America.

Tony Ressler, senior partner and chairman of the executive committee at Ares, said Area's expertise in value-add and opportunistic equity investing and mezzanine debt would complement Ares's capabilities in private lending.

He added: "The entire Ares Management platform will greatly benefit from Area's geographic reach, market insights, industry relationships and seasoned investment professionals – especially Lee Neibart in the US and Bill Benjamin in Europe."

Neibart, chief executive at Area, will become a senior partner of the Ares Real Estate Group.

He will join John Bartling, a senior partner at Ares, as global co-heads of the group.

Benjamin, Area's head of Europe and India, will also become a senior partner and continue as head of Europe and India real estate.

Area founder William Mack will step down as chairman, while Richard Mack, North America chief executive at Area, will become a senior adviser to Ares.

All existing Area investment vehicles will continue to be managed by legacy Area investment professionals in their capacities at Ares.

Hodes Weill & Associates acted as strategic adviser on the deal, while JP Morgan Securities provided financial advisory services.