Ares Management raises $173 million for value-added fund

Ares Management has raised $173 million for its Ares U.S. Real Estate Fund VIII, formerly AREA Value Enhancement Fund VIII, according to a filing with the Securities and Exchange Commission. The fund was launched in December 2012 by AREA Property Partners, prior to the firm’s acquisition by Ares Management in May 2013.

The value-added fund has a fundraising goal of $750 million and a target close date of March 31, 2014. It is expected to invest in CBD office, multifamily properties, hotel/resorts, unspecified retail properties, grocery-anchored shopping centers and distressed debt throughout