Ares and PSP Investments Launch $2.4B U.S. Logistics Joint Venture
ARES sits 30% above its 52-week low of $95.8.
Summary
Ares Management and PSP Investments have formed a joint venture to invest up to $2.4 billion in U.S. logistics real estate. The venture includes a 5.2 million-square-foot seed portfolio of 14 properties across California, Texas, and New Jersey. Marq Logistics, Ares's vertically integrated logistics platform, will lead sourcing and asset management. This expands Ares's real estate footprint and deepens its relationship with a major Canadian pension investor. The deal aligns with Ares's recent momentum in logistics, following its $4 billion Japan logistics fund close in August.
At the time of this announcement, ARES was trading at $124.21 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $27.8B. The 52-week trading range was $95.80 to $186.85. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: BusinessWire.