Ares Management’s Real Estate Group and EDF Invest Acquire IKB Office Building in Düsseldorf, Germany
March 14 2019 - 2:00AM
Business Wire
A joint venture between real estate funds managed by Ares
Management Corporation (NYSE: ARES) and EDF Invest announced today
the acquisition of the IKB office building in Düsseldorf, Germany
from IKB Deutsche Industriebank. The transaction closed on February
28, 2019.
Built in 1997, the property comprises approximately 58,500
square meters of gross leasable area, split across two distinct but
connected buildings. It is located in Kennedydamm, a prominent
office submarket of Düsseldorf, and key tenants include IKB,
Helaba, Colt and Berkshire Hathaway. IKB will remain the largest
tenant in the building.
The joint venture plans to transform the property from a
primarily owner-occupied bank headquarters to a modern,
multi-tenant office campus. Cells Property Investors is the local
operating partner of the joint venture.
The transaction is the Ares Real Estate Group’s latest
acquisition in Germany and its fifth acquisition in Düsseldorf over
the last two years. Ares has transacted close to €1.8 billon in
Germany over the last 24 months.
About Ares Management Corporation
Ares Management Corporation is a publicly traded, leading global
alternative asset manager with approximately $130.7 billion of
assets under management as of December 31, 2018 and 18 offices in
the United States, Europe, Asia and Australia. Since its inception
in 1997, Ares has adhered to a disciplined investment philosophy
that focuses on delivering strong risk-adjusted investment returns
throughout market cycles. Ares believes each of its three distinct
but complementary investment groups in Credit, Private Equity and
Real Estate is a market leader based on assets under management and
investment performance. Ares was built upon the fundamental
principle that each group benefits from being part of the greater
whole. For more information, visit www.aresmgmt.com.
About EDF Invest
EDF Invest is the unlisted investment arm of EDF’s Dedicated
Assets, the asset portfolio which covers its long-term nuclear
decommissioning commitments in France. EDF Invest manages over €5.7
billion equity investments as of December 31, 2018. EDF Invest’s
portfolio is made of three asset classes: Infrastructure, Real
Estate and Private Equity. In Real Estate, EDF Invest’s current
assets include office properties, hotels and shopping centers in
France, Italy and Germany. For more information, visit
www.edfinvest.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190314005093/en/
For Ares Management
Corporation:Investors:Ares Management CorporationCarl Drake,
800-340-6597cdrake@aresmgmt.comorPriscila Roney,
212-808-1185proney@aresmgmt.com
Media:Mendel CommunicationsBill Mendel,
212-397-1030bill@mendelcommunications.com
For EDF Invest:Investors, analysts
and media:Service de presse EDF, +33 1 40 42 46
37service-de-presse@edf.fr
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