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TheStreet Open House

Ares Management Closes Acquisition Of Area Property Partners

Ares Management LLC announced today that it has completed its acquisition of AREA Property Partners, L.P., a top-tier real estate management firm investing across North America, Europe, and India. As a result, the Ares Real Estate Group now has a total of $8 billion in committed capital under management, including the publicly traded real estate investment trust Ares Commercial Real Estate Corporation (NYSE:ACRE).

As previously announced, Lee Neibart, AREA’s Chief Executive Officer, is now a Senior Partner of the Ares Real Estate Group. Mr. Neibart joins John Bartling, also a Senior Partner of the Ares Real Estate Group, as the Global Co-Heads of the Group. William Benjamin, AREA’s Head of Europe and India, is now a Senior Partner of the Ares Real Estate Group, and he will continue as Head of Europe and India Real Estate.

"The closing of this transaction marks a significant enhancement to the Ares Real Estate Group and brings together some of real estate's most talented leaders—Lee Neibart and Bill Benjamin from AREA and John Bartling and Todd Schuster from Ares," said Tony Ressler, Senior Partner and Chairman of the Executive Committee of Ares Management. "With the combination of the Group's leadership who have extensive experience in making debt and equity investments in North America, Europe, and India, Ares is now better positioned to meet the real estate investing requirements of our large investor base, just as we have done the corporate asset classes of private equity, private debt, and tradable debt."

"The Ares Real Estate Group, much like the rest of Ares' investment platform, can now offer sponsors and investors the ability to find opportunities up and down the capital structure and across a broad geography within our real estate platform," said Mr. Bartling. "These expanded offerings are further enhanced by the market insights, in both real estate and corporates, as well as the proprietary sourcing, deal flow, and distribution opportunities that come from being part of Ares Management."

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