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Ares Management Real Estate Fund Acquires UK Office Complex.

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Vincent

MANews-(C)2009-2016

11 April 2016 - US-based asset management group Ares Management, L.P. (NYSE: ARES) has acquired Piccadilly Place, a 300,000-square-foot office and retail property in Manchester, UK through a real estate fund it manages, the company said.

Final terms of the deal were not disclosed. However, the property was listed for GBP 117m (USD 165.22m).

Piccadilly Place is comprised of two adjacent mixed-use buildings, called Three and Four Piccadilly Place, as well as a three-story basement car park.

Ares said that the office space is 95% let to tenants.

The company was advised on the transaction by Property Alliance Group and King Street Commercial.

Ares Management is global alternative asset manager with approximately USD 94bn of assets under management as of December 31...

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