LONDON—On behalf of a managed fund, Ares Management, L.P. has agreed to acquire from IVG Institutional Funds, a European office portfolio consisting of 30 properties located across six countries.
The counties include the U.K., France, the Netherlands, Belgium, Finland and Spain. The 2.5 million square foot portfolio was valued at more than $442 million (€400M). This transaction, announced Wednesday, is the second pan-European portfolio acquired from IVG by Ares this year, following the 484,000 square foot, eight-property office and retail portfolio it announced in February.
“This transaction further demonstrates our proven expertise in completing complex multi-jurisdictional transactions, which gives sellers confidence in our ability to close in a timely manner. It also fits with our strategy to deliver upside growth through diversification across geographies and asset types for our investors,” said Bill Benjamin, partner in the Ares Group. “We believe this portfolio provides several compelling asset management opportunities, including the ability to create significant value from leasing.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
