Today, Ares Management LLC announced that it had completed the acquisition deal for AREA Property Partners, LP. The latter is a top tier real estate management firm investing in North America, India and Europe.
As a result of the acquisition, Ares Real Estate Group now has a total of US$8 billion committed capital under its management. This included the publicly traded REIT Ares Commercial Real Estate Corporation.
AREA's Chief Executive Officer, Lee Neibart is now a Senior Partner at Ares joining John Bartling, also a Senior Partner of the company. William Benjamin, former head of AREA's divisions in Europe and India, also became a senior partner of Ares Real Estate Group.
Financial services from JP Morgan Securities LLC along with Hodes Weill & Associates were taken by the company. The above mentioned served as strategic advisors to the acquisition process. Legal representation was provided by Proskauer Rose LLP for Ares Managment LLC. Willkie Farr & Gallagher LLP represented AREA Property Partners.
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