Ares Management, L.P. (NYSE:ARES) announced today that a real estate
fund it manages has acquired Piccadilly Place, a 300,000-square-foot
office and retail property in Manchester, U.K.
Piccadilly Place is comprised of two adjacent mixed-use buildings—Three
and Four Piccadilly Place—as well as a three-story basement car park.
The office space is 95% let to tenants including Arup, Barclays,
Egencia, Orega, NuGen, Weightmans, EC Harris and the NHS Strategic
Health Authority. Retail tenants include Anytime Fitness, which just
opened its doors at Piccadilly Place last month, as well as Starbucks
and Pita Pit.
“The market fundamentals in Manchester look increasingly attractive, and
we believe Piccadilly Place, which is ideally located next to a major
transportation hub and in a high traffic area of the city, is set to
benefit from this strategically important and improving location,” said
Wilson Lamont, Partner at Ares Management. “We see significant potential
to make a number of improvements and add value to the property including
filling vacant space and improving the management of the properties.”
Ares was advised on the transaction by Property Alliance Group and King
Street Commercial.
About Ares
Ares Management, L.P. is a publicly traded, leading global alternative
asset manager with approximately $94 billion of assets under management
as of December 31, 2015 and more than 15 offices in the United States,
Europe and Asia. Since its inception in 1997, Ares has adhered to a
disciplined investment philosophy that focuses on delivering strong
risk-adjusted investment returns throughout market cycles. Ares believes
each of its three distinct but complementary investment groups in
Credit, Private Equity and Real Estate is a market leader based on
assets under management and investment performance. Ares was built upon
the fundamental principle that each group benefits from being part of
the greater whole. For more information, visit www.aresmgmt.com.
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