$910 Million U.S. Student Housing Portfolio Acquired by Ares Joint Venture
ARES sits 29% above its 52-week low of $95.8 on light trading volume (0.2× avg).
Summary
Ares Management Corporation has established a joint venture with Scion Group to acquire a substantial U.S. student housing portfolio valued at approximately $910 million. This portfolio comprises 12 properties and 7,578 beds, with Scion Group serving as the operating partner. This strategic acquisition aligns with Ares' stated focus on AUM growth and strategic investments, as highlighted in their recent strong first-quarter earnings report. The deal represents a material expansion of Ares' real estate holdings and demonstrates continued capital deployment, which is a positive indicator for the firm's growth trajectory. Traders will likely view this as a solid move to enhance Ares' asset base and diversify its investment portfolio.
At the time of this announcement, ARES was trading at $123.53 on NYSE in the Finance sector, with a market capitalization of approximately $27.4B. The 52-week trading range was $95.80 to $195.26. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.