Ares purchases € 400m pan-European portfolio
Ares Management has agreed to acquire 30 properties from Germany-based IVG Institutional Funds. The purchase was made on behalf of an Ares real estate fund.
The 2.6 million-square-foot office portfolio consists of 30 properties located across six European countries — Belgium, Finland, France, the Netherlands, Spain and the United Kingdom.
The portfolio was valued at more than €400 million ($443 million), and this transaction is the second pan-European portfolio acquired from IVG by Ares this year, following the purchase of a 484,376-square-foot, eight-property office and retail portfolio in February for €100 million ($111 million).
Recently, Ares Management announced its merger with Kayne Anderson Capital Advisors to form Ares Kayne Management. Ares and its partner