Ares Management Fund acquires 300-unit residential & retail complex near Frankfurt, Germany
Ares Management, L.P. (NYSE:ARES) announced today that a fund managed by its real estate group has acquired an approximately 300-unit, 24,000-square-meter residential and retail complex in the Frankfurt Rhine-Main metropolitan region of Germany.
This acquisition is the latest addition to Ares' substantial and growing German residential real estate portfolio, which is now comprised of more than 4,100 units across approximately 260,000 square meters.
"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 centers."
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.
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