LONDON – April 11 , 2022 – Ares Management Corporation (“Ares”) (NYSE: ARES) and Generation Partners (“Generation”) today announced that the joint venture between Ares real estate funds and Generation has acquired three new assets in the Republic of Ireland.
Located within Dublin and Galway the three buildings comprise 664 beds and are fully occupied for 2021/22 and reside within strong micro locations for student accommodation.
Wilson Lamont, Partner and Co-Head of European Real Estate Equity in the Ares Real Estate Group said, “We are excited to acquire these assets with Generation, marking a geographic expansion into Ireland following our acquisitions in the U.K. over the last year. Through our joint venture, we remain committed to providing high-quality, student accommodations.”
Alan Artus, Chief Executive of Generation Partners, said, “The student PBSA market in Ireland is very attractive and continues to be characterised by a significant supply shortage.”
These assets will be added to the Here! Student Living brand that currently sits over the joint venture’s three existing operational assets in Cardiff, Exeter, and Glasgow, 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 December 31, 2021, Ares Management Corporation’s global platform had approximately 2,100 employees operating across North America, Europe, Asia Pacific and the Middle East and approximately $314 billion of assets under management, including Ares Management’s acquisition of AMP Capital’s Infrastructure Debt platform which closed February 10, 2022. For more information, please visit www.aresmgmt.com.
Founded in 2002, Generation is a highly experienced and integrated developer, operator and asset manager of UK and Irish PBSA with an extensive and successful track record.
Generation has been instrumental in the inception, delivery and operation of two of the most significant PBSA platforms, Pure Student Living and Nido Student Living, that have been established and traded in the past 10 years. Since 2004, Generation has delivered and operated more than 8,000 new student bed spaces in the UK and Ireland with a value in excess of £2 billion.
Generation has worked with private equity funds and institutional capital, including The Blackstone Group, and The Carlyle Group, and latterly expanded into Ireland with Hattington Capital and created its own UK PBSA fund alongside Europa Capital.
Real Estate Living Specialists