Ares Management Fund Buys Two Designer Outlet Centers In France For EUR 200 Mln

(RTTNews) - Ares Management, L.P. (ARES), an alternative asset manager, announced Wednesday that a real estate fund it manages has acquired two designer outlet centers located in the French regional cities of Troyes and Roubaix from Resolution Property for approximately 200 million euros.

The centers will continue to be managed by McArthurGlen, which has made a minority investment in the centers as part of this transaction. The outlet centers together comprise a total of approximately 47,000 square meters and feature strong retail tenants.

John Ruane, Partner in the Ares Real Estate Group, said, "Both of these retail outlet centers have dominant locations and have served as popular shopping destinations in the northeastern regions of France. ….We have identified significant potential to create value through active management, including improving the tenant mix and upgrading the buildings to enhance the shopping experience."