Ares Management Corporation: Ares Management and Generation Acquire Purpose-Built Student Accommodation Assets in UK
Ares Management Corporation (Ares) (NYSE: ARES) and Generation Partners (Generation) announced today that a joint venture established by a fund managed by the Ares Real Estate Group and Generation have acquired two student accommodation assets providing a total of 1,359 beds in the cities of Exeter and Cardiff for £157.5 million. This new initiative by Ares and Generation is part of a targeted residential investment strategy that will focus on Purpose-Built Student Accommodation (PBSA) assets in the UK.
The two assets which were recently completed by Mace Developments provide high quality buildings with a wide range of room types and an excellent provision of internal and external amenity spaces in two very strong locations.