New York-listed Ares Management Fund has acquired a 300-unit residential and retail complex in the Frankfurt Rhine-Main metropolitan region of Germany.
The purchase price for the 24,000 m2 asset was not disclosed.
The acquisition is the latest addition to Ares' growing German residential real estate portfolio, which now comprises more than 4,100 units across 260,000 m2.
'This property strengthens Ares' residential portfolio in Germany, which we have been amassing and repositioning for the past several years to include attractive multifamily assets in metropolitan and suburban areas across the country,' said John Ruane, partner in the Ares Real Estate Group. 'Ares continues to believe that the market fundamentals in Germany are strong for multifamily property, particularly in areas near major city centres.'
Ares will continue to work with Forte, a Frankfurt-based real estate asset manager that Ares partnered with to acquire and manage its existing German residential investments, in order to add value through refurbishment, repositioning and vacancy reduction across the expanded portfolio.
Ares Management is a publicly traded global alternative asset manager with $100 bn (€86 bn) of assets under management at end-March 2017 in the US, Europe and Asia.
