Global alternative asset manager Ares Management has acquired a portfolio of 1,300 residential units across northern Germany through a fund managed by its real estate group for an undisclosed sum.
The properties are located throughout metropolitan areas in Northern Germany as well as along the North Sea and Baltic Sea coasts, comprising more than 65,000 m2 in total.
'This is a strong addition to our investment strategy in the German residential market,' commented John Ruane, partner in the Ares Real Estate Group. 'We continue to see both strong letting and investment fundamentals in the German market in city centres, surrounding metropolitan areas, as well as holiday regions.'
The deal represents the fourth acquisition for Ares’ residential real estate portfolio in Germany, which now consists of more than 3,900 units totaling more than 230,000 m2 across west and northwest Germany.
Ares said it would continue to work with Forte, a Frankfurt-based real estate asset manager that Ares partnered with to acquire and manage its previous German residential investments, in order to add value, reduce vacancy, and reposition the expanded portfolio.
Publicly traded Ares had approximately $99 bn (€94 bn) of assets under management as of December 31, 2016, and more than 15 offices in the US, Europe and Asia.
