Ares Management Acquires 11.9m Square Feet of Industrial Assets.

MANews-(C)2009-2021

Funds managed by US-based alternative investment manager Ares Management Corp's (NYSE: ARES) Ares Real Estate Group have closed on the acquisition of two portfolios consisting of 75 industrial properties totaling 11.9m square feet, the firm said.

The properties were purchased from two different sellers at an aggregate purchase price of approximately USD 1.7bn.

The portfolios represent a diversified mix of class A and B industrial holdings across 16 US markets.

Located in markets such as Atlanta, Chicago, Dallas and Southern California, the assets expand the firm's industrial holdings in top-tier, high-growth markets that continue to experience strong tenant demand and rising rents.

Additionally, with approximately 80% of the assets located in infill areas, we believe the portfolios are well-positioned to capitalize on the growing need for last mile space, especially from e-commerce-based tenants.

The Ares Real Estate Group oversees approximately...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT