LONDON – April 2021 – Ares Management Corporation (“Ares”) (NYSE: ARES) and Generation Partners (“Generation”) today announced that the joint venture between a fund managed by the Ares Real Estate Group and Generation has acquired 2 new assets totalling 789 beds. The transaction further expands the portfolio following the acquisition of 6 assets in Cardiff, Exeter, Glasgow, Dublin, and Galway.
Hox Park located in Egham and Toybox located in Birmingham are both exceptionally equipped to offer students a high level of amenity, including private gyms, wellness centre, parcel lockers, café space, car parking facilities and dedicated social and study spaces.
Wilson Lamont, Partner and Co-Head of European Real Estate Equity in the Ares Real Estate Group, commented: “Student accommodation is a key growth sector for Ares. We believe that these two assets offer strong entry points into two attractive university markets and that they fit in well within our strategy.”
Ares and Generation are engaged in more acquisitions including a development site in Leeds expected to be completed in Summer 2023. Upon completion of the Leeds scheme, the portfolio will be in excess of 3,500 beds.
Alan Artus, Chief Executive of Generation Partners, added: “We are excited to add the Hox Park and Toybox assets to the growing Ares Generation portfolio. Both buildings are highly specified and are serving undersupplied markets where we anticipate student demand will continue to grow.”
These assets will be added to the Here! Student Living brand that currently sits over the joint venture’s six existing operational assets in Cardiff, Exeter, Glasgow, Dublin, and Galway, all of which are fully occupied for the 2021/2022 academic year and are letting quickly for next year.
Here! reflects Ares and Generation’s commitment to delivering exceptional university living experiences for students across some of the U.K.’s most popular university cities. Offering bespoke internal and external amenities, Here! is focused on creating unique and engaging community environments reflective of students’ dynamic needs. These modern living spaces include social study areas, gyms, private dining rooms and fully equipped music rehearsal spaces among other high-quality amenities.
Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of September 30, 2021, Ares Management Corporation’s global platform had approximately $282 billion of assets under management, with approximately 2,000 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com. Follow Ares on Twitter @Ares_Management.
Generation Partners has invested and built businesses that strive to provide best-in-class services through innovation, operational excellence and strong leadership since 1995.
Real Estate Living Specialists