Ares Management’s Real Estate Group and EDF Invest Acquire IKB Office Building in Düsseldorf, Germany
Ares Management Corporation Class A (ARES)
Last ares management corporation class a earnings: 2/13 06:00 am
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Source: Business Wire
LOS ANGELES & LONDON & PARIS--(BUSINESS WIRE)-- A joint venture between real estate funds managed by Ares Management Corporation (NYSE: ARES) and EDF Invest announced today the acquisition of the IKB office building in Düsseldorf, Germany from IKB Deutsche Industriebank. The transaction closed on February 28, 2019. Built in 1997, the property comprises approximately 58,500 square meters of gross leasable area, split across two distinct but connected buildings. It is located in Kennedydamm, a prominent office submarket of Düsseldorf, and key tenants include IKB, Helaba, Colt and Berkshire Hathaway. IKB will remain the largest tenant in the building. The joint venture plans to transform the property from a primarily owner-occupied bank headquarters to a modern, multi-tenant office campus. Cells Property Investors is the local operating partner of the joint venture. The transaction is the Ar
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