Ares Management Corp. wins PPP to develop more than 3,600 affordable residential rental units

Ares Management Corp. announced that funds managed by the Ares Real Estate Group were awarded an innovative public-private partnership with the Community of Madrid to develop more than 3,600 affordable residential rental units in Madrid.

Kevin Cahill, partner in the Ares Real Estate Group, said, “Plan VIVE highlights the growing opportunity for introducing private capital to address critical public issues, like Europe’s affordable housing shortage, and we believe that this creative partnership structure provides a template for other municipalities across Europe. We look forward to working closely with the Community of Madrid, AEDAS and SANJOSE in realizing the important benefits for all stakeholders.”

As part of its Plan VIVE, the Community of Madrid has awarded Ares a 50-year concession to invest €400 million ($461 million) in developing housing across 13 municipalities in Madrid. Ares has committed to developing this portfolio within three years and to cap th