US asset manager Ares said its European real estate debt team has closed on its sixth European loan, bringing total transactions since launching in the space in January 2022 to around €800 mln.
Ares said the sixth transaction involved a £186 mln (€210 mln) senior loan to finance the acquisition of a UK car parking portfolio by GreenPoint Partners, an alternatives firm investing at the intersection of real assets, technology and sustainability.
The portfolio includes long-term leases with NCP, one of the largest UK car parking operators, encompassing 37 car parking facilities in city centre locations across London, Manchester, Liverpool, Bristol and Birmingham. As part of the business plan, GreenPoint is targeting ESG value-add initiatives across the portfolio, including electric vehicle charging ports and LED lights as well as other energy efficiency projects.
Philip Moore, partner and head of European real estate debt within Ares Real Estate, said the investment was testament to the firm’s ability to step in as a flexible solutions provider during volatile market environments.
‘We have continued to grow our team over the last year as we see a robust market opportunity for real estate credit in the UK and Western Europe,’ he said. ‘We believe that current market dynamics, underpinned by the long-term trend of regulatory-driven bank retrenchment, have created an excellent environment for real estate lenders and an attractive relative value opportunity for investors.’
