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Ares Management Fund Acquires UK Logistics Warehouse from Commerz Real.

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MANews-(C)2009-2017

10 May 2017 - A fund managed by the real estate group of California, US-based alternative asset manager Ares Management, L.P. (NYSE: ARES) has acquired the Harlow, England DC380 logistics warehouse from Germany based financial institution Commerzbank AG subsidiary Commerz Real AG, the company said.

IPE International Publishers Limited reported the German fund manager sold the DC 380 property in Harlow for EUR 40.5m.

Details of the financial transaction were not disclosed.

DC380 is a 389,444-square-foot distribution warehouse with office space located in an established industrial and trade area of in the southeast of England between London and Stansted Airport.

This property is currently leased to Industrial Tool Supplies Ltd., an independent suppliers of power tools, and Wincanton, a logistics service provider.

The company said the property's proximity to London and the M25 highway positions it to realise improved rents over the medium term.

Ares Management, L.P. has approximately USD 100bn in assets under management as of March 31, 2017 and more than 15 offices in the United States, Europe, Asia and Australia. Ares has three distinct but complementary investment groups in credit, private equity and real estate.

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