Ares Management has acquired a portfolio of 30 offices across Europe from IVG.
The 2.6m sq ft portfolio is located in six countries including the UK, France, Netherlands and Spain and were valued at more than €400m (£288m).
This is the second large portfolio that IVG has sold in Europe this year, following the sale of a portfolio of eight office and retail assets in February.
IVG, which was advised by CBRE on the sale of the portfolio, has been rationalising the business ahead of an imminent sale:
The German fund manager recently appointed Lazard to explore the sale of the business after recovering from major worries in recent years.
The company also undertook a €1.5bn refinance programme through Deutsche Bank in October last year.
Bill Benjamin, partner at Ares Real Estate Group, said: “This transaction further demonstrates our proven expertise in completing complex multi-jurisdictional transactions, which gives sellers confidence in our ability to close in a timely manner.
“It also fits with our strategy to deliver upside growth through diversification across geographies and asset types for our investors. We believe this portfolio provides several compelling asset management opportunities, including the ability to create significant value from leasing.”
