Ares Management, a Los Angeles-based asset management company, added 159,000 square meters of office space across seven properties in Germany, the Netherlands, Austria and Finland to its real estate portfolio. The company declined to disclose the purchase price.
The acquisition was made by funds managed by Ares’ real estate group, and gives the firm assets in Frankfurt, Munich, Dusseldorf, Hamburg, Vienna, Rotterdam and Helsinki. It is Ares’ fifth real estate acquisition in Europe in recent years, the company said.
James Piper, partner in the Ares real estate group, said the deal is an example of the company’s ability to quickly close complex transactions in other countries.
Additionally, he said, “This portfolio adds to our array of high-quality properties in major European cities – and in particular Germany – where we continue to see tightening supply and strong occupational demand in the office markets. Furthermore, it provides several compelling asset management opportunities, including creating significant additional value from leasing as well as repositioning some of the assets.”
Ares invests in credit, private equity and real estate, and manages $106.4 billion in total global assets across 18 offices in the U.S., Europe, Asia and Australia.
Technology reporter Eli Horowitz can be reached at firstname.lastname@example.org. Follow him on Twitter @coachhorowitz13 for the latest in L.A. tech news.