New Mexico State Investment Council (SIC) has approved a €200 mln commitment to Ares Management Corporation’s latest value-add European property fund, according to IPE.
The sovereign wealth fund is reportedly placing the capital into the Ares European Property Enhancement Partners Fund IV, which is targeting a mixture of value-add income-producing industrial and residential properties.
New Mexico SIC previously committed €75 mln to a fund in the Ares European property fund series. In total, the sovereign wealth fund has invested $500m (€461.3 mln) in other Ares funds.
The Ares fund plans to invest capital expenditures to increase property value through improvements, new leases, and tenant space adjustments.
