Ares Management LLC disclosed through an announcement that it inked a final contract to purchase AREA Property Partners, LP. The deal comprises the purchase of the marginal stake in AREA that is in the custody of the National Australia Bank. Other details of the deal were not divulged. The deal is still conditioned on the traditional final terms together with investor and regulatory approvals.
AREA Chief Executive Officer Lee Neibart will become the Senior Partner of the Ares Real Estate Group. Ares Real Estate Group Senior Partner, John Bartling will be joined by Mr. Neibart as Global Co-Heads of the group. AREA's Head of India and Europe William Benjamin will also be handling the position of Ares Real Estate Group' Senior Partner.
Ares Management Chairman and Executive Committee Tony Ressler said, "AREA's expertise in value-add and opportunistic equity investing and mezzanine debt will complement our real estate group's current capabilities in real estate private lending."
Mr. Ressler added, "Further, the entire Ares Management platform will greatly benefit from AREA's geographic reach, market insights, industry relationships and seasoned investment professionals - especially Lee Neibart in the U.S. and Bill Benjamin in Europe."
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