Ares Management closes fifth European fund at €1.78bn
Ares Management has completed a final closing of its Ares European Real Estate Fund V, which has raised €1.78 billion from investors.
Exceeding its target of €1.25 billion, the close marks the firm’s largest real estate private equity fundraise to date. The manager’s previous fund in the series, Ares European Real Estate Fund IV, closed at €1.1 billion in December 2014.
The fund targets investments in residential, office, industrial and mixed-use assets. Ares will follow its investment strategy of acquiring undermanaged or underfunded assets out of distressed ownership structures or complex situations, and actively manage them through to disposal.
Some 40 percent of the fund has already been committed to nine investments across a diverse portfolio of properties weighted toward the residential and office sectors, in markets such as Germany, Spain, Ireland, the Netherlands, Austria and the United Kingdom.
Transactions include the acquisition of a