Ares Management sells Denmark residential portfolio for $470m

Funds managed by Ares Management’s real estate group have signed an agreement with SF Management for the sale of an approximately 1,550-unit residential portfolio across the Greater Copenhagen, Aarhus, Odense, Sjaelland and Triangle regions of Denmark to Heimstaden for DKK 2.9 billion ($470 million).

The portfolio sale includes the purchase of 26 properties expected to be completed by Sept. 29, with the purchase of an additional four properties to be completed between the fourth quarter of 2017 and the second quarter of 2019.

In the past 22 months, Ares completed the seven acquisitions that comprise the assets in this portfolio, improved the assets to institutional quality, and now executed on the disposition to Heimstaden, one of the leading residential landlords in the Nordics.

“This portfolio sale demonstrates our longstanding real estate strategy of acquiring assets with value-add potential in or near large city centers in major European markets, making