Ares fund pays €200m for French outlet malls
A real estate fund managed by Ares Management has acquired two designer outlet centers in the French regional cities of Troyes and Roubaix from Resolution Property for approximately €200 million ($222 million).
The centers will continue to be managed by McArthurGlen, which has made a minority investment in the centers as part of this transaction.
The outlet centers together comprise a total of approximately 505,904 square feet. Major tenants include Polo Ralph Lauren, Nike and Hugo Boss. The Troyes location is the largest outlet center in France.
The Ares Real Estate Group has invested in European outlet centers in the past and continues to be an active investor in European retail real estate, having announced the acquisition of a portfolio of three U.K. retail parks in December 2015 from Land Securities and