Ares Management Acquires Kustermann Park Office Complex In Munich

(RTTNews) - Alternative asset manager Ares Management, L.P. (ARES) announced Monday that real estate funds it manages has signed a definitive agreement to acquire the Kustermann Park office complex in Munich, Germany.

The complex, consisting of two adjacent multi-tenanted office buildings totaling more than 74,000 square meters, is located in Munich's South East office submarket and close to Munich's third largest railway station.

Ares has retained the property's existing manager, BLUE Asset Management GmbH, to continue as the manager of the properties based on its long term presence in the German office market, its strong track record and its familiarity with the asset.

Earlier this year, Ares acquired a portfolio of two office buildings in Berlin and Hamburg as well as an add-on residential portfolio bringing the total number of residential units it owns to more than 2,000 across Germany.