The Ares Management Real Estate investment fund signed a final agreement with IVG concerning purchase of 30 office premises with the total area of 240 000 sq. m located in six European countries, including Great Britain, France, Holland, Belgium, Finland and Spain. The portfolio was valued at over 400 million euro. It is also worth mentioning that the fund purchased 45 000 sq. m of office area from IVG in February this year. It included eight structures worth over 100 million euro. I.a. Jerozolimskie Business Park in Warsaw was sold within this transaction.
Ares Real Estate Group has invested in several portfolios in the whole Europe within last two decades. It used local presence in each of the main European markets for identification, assessment, guaranteeing and financing of complex jurisdictions of portfolio sales. The transaction concluded with IVG confirms that and it is compliant with the strategy of Ares Real Estate Group which consists in delivering of growth by geographical diversification and kind of assets for investors. We believe that this portfolio offers several attractive possibilities in the area of asset management, including opportunity of creating a significant value from leasing – says Bill Benjamin, Partner in Ares Real Estate Group.
Ares Management was founded in 1997. At present, it is managing assets with the total value of ca. 88 billion dollars. IVG Institutional Funds GmbH owns portfolio of property funds for institutional investors of the value of ca. 10 billion euro.