Ares management real estate fund acquires two Designer Outlet centers in France in partnership with McArthurGlen
03 February 2016
Los Angeles & London—February 3, 2016—Ares Management, L.P. (NYSE:ARES) announced today that a real estate fund it manages has acquired two designer outlet centers located in the French regional cities of Troyes and Roubaix from Resolution Property for approximately €200 million. The centers will continue to be managed by McArthurGlen, which has made a minority investment in the centers as part of this transaction. The outlet centers together comprise a total of approximately 47,000 square meters and feature strong retail tenants, including Polo Ralph Lauren, Nike, and Hugo Boss, among many others. The Troyes location is the largest outlet center in France.
The Ares Real Estate Group has invested in European outlet centers in the past, and continues to be an active investor in European retail real estate, having announced the acquisition of a portfolio of three U.K. retail parks in December 2015 from Land Securities, and the formation with Redevco in September 2015 of a joint venture for retail investments in Spain and Portugal.
“Both of these retail outlet centers have dominant locations and have served as popular shopping destinations in the northeastern regions of France,” said John Ruane, Partner in the Ares Real Estate Group. “We are also excited to partner with McArthurGlen, the leading European outlet center operator, to continue to manage the properties. We have identified significant potential to create value through active management, including improving the tenant mix and upgrading the buildings to enhance the shopping experience.”
Mike Natas, McArthurGlen’s Deputy Managing Director of Development, said: “Having managed the successful Troyes and Roubaix designer outlets for many years, we are delighted to be partnering with Ares and to become an investor as well. This is another step in our strategy to grow our business across Europe.”
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