Joint venture with foreign investment partner

In 2015, a joint venture between Ares Management and APF International purchased 18 office buildings with an opportunistic profile; a total of 150,000 m² with over 60,000 m² worth of vacancy.

Most of the buildings were renovated considerably once purchased with a focus on sustainability and comfort (both in terms of installations and aesthetics). Gorgeous newly-built entrances gave rise to a completely new look and feel.

Over 50,000 m² worth of new lease contracts and lease extensions was realised over the past 4 years. A total of 11,000 m² of real-estate was transformed to a hotel and homes. An 11,000 m² building will be demolished and replaced by over 42,000 m² of new construction to house 342 apartments.

The buildings were sold at an added value, in some cases following a period of cash returns. Over the past 4 years, eight buildings were sold through a portfolio structure, nine building were sold individually.

With yet another building (redevelopment) under its management, the objectives of the fund have been exceeded substantially.

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