A fund managed by Ares Management Corp. has acquired a portfolio of 2,900 residential units across several German cities, including top metropolises such as Berlin, Leipzig, Dresden, Essen and Dortmund. The portfolio comprises large residential complexes as well as classic turn-of-the-century buildings, most of which are within close proximity of each location’s city center. The portfolio’s total rentable area amounts to approximately 210,000 square meters (2.3 million square feet).
“This acquisition is a continuation of our longstanding investment strategy in the German multifamily residential market,” said Klaus Schmitz, managing director in the real estate group of Ares. “Ares continues to observe positive demographic and economic forces in the major German cities. Over the past year, funds managed by Ares have transacted on a total of €1 billion [$1.1 billion] of gross asset value across sectors in the German real estate market, and we look forward to continui
