Asset manager Ares Management has completed the acquisition of a portfolio of seven office properties located in major cities in Germany, the Netherlands, Austria and Finland, through funds managed by its real estate group.
Financial details were not revealed.
The diversified portfolio includes assets located in four of the 'Big Seven' German office markets (Frankfurt, Munich, Dusseldorf and Hamburg) as well as in Vienna, Rotterdam and Helsinki and marks the group's fifth pan-European portfolio acquisition in recent years.
'This transaction further demonstrates our proven expertise in completing complex transactions across multiple countries, giving sellers confidence in our ability to close in a timely manner,' said James Piper, partner in the Ares Real Estate Group.
'This portfolio adds to our array of high-quality properties in major European cities - and in particular Germany – where we continue to see tightening supply and strong occupational demand in the office markets,' Piper added.
Last week, PropertyEU's sister publication EuroProperty revealed that Ares has raised €625 mln for its latest value-added/ opportunistic European flagship fund, Ares European Real Estate Fund V.