Ares Lands €1.5B Norges Bank Mandate for European Logistics Push
ARES sits 21% above its 52-week low of $95.8.
Summary
Ares Real Estate formed a European logistics investment partnership with Norges Bank Investment Management, with NBIM committing €1.5 billion of equity. It is the first collaboration between the two firms and gives Ares a large sovereign-backed pool of capital to deploy into modern logistics assets across Europe. The size is meaningful but not transformative for a firm with roughly $671 billion in AUM; the bigger point is the sovereign wealth fund relationship, which can scale into future mandates. This extends a busy stretch of logistics and real estate fundraising, following the $4 billion Japan logistics fund close in August and the $2.4 billion U.S. logistics joint venture with PSP Investments in September. Ares Real Estate manages about $121 billion as of June 30.
At the time of this announcement, ARES was trading at $116.29 on NYSE in the Finance sector, with a market capitalization of approximately $26B. The 52-week trading range was $95.80 to $181.19. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: dpa-AFX.