Ares Management Corporation and real estate firm Core Spaces have bought a $400m (€346m) portfolio of five student housing assets for a new US partnership.

The companies said the partnership intends to put together a student housing portfolio as it targets premier college and university markets across the US.

David Roth, the head of US real estate equity in the Ares Real Estate Group, said: “We’re excited to partner with Core Spaces and add these five newly constructed properties to Ares’ strong and growing US multifamily portfolio, which today includes approximately 25,000 units across over 85 properties.

“This transaction highlights Ares’ ability to transact across the risk/return spectrum through our well-capitalised core, value-added, and opportunistic investment programs.”

Marc Lifshin, co-founder and CEO of Core Spaces, said: “We are proud to partner with Ares and capitalise on the strong market backdrop supporting US purpose-built student housing investment adjacent to Tier 1 universities.”

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