Ares Management said Monday its real estate fund have agreed to buy Pegasus Business Park from SEGRO PLC for € 83.4 million (US$113.4 million). Pegasus Business Park, located near the Brussels International Airport and eight kilometres from the city centre, was initially developed by SEGRO between 1999 and 2003. Pegasus Business Park consists of nine office buildings and an underground car park extending over 83,384 square meters.
LOS ANGELES & BRUSSELS–(BUSINESS WIRE)–Ares Management, L.P. (NYSE:ARES) announced today that real estate funds it manages have signed a definitive agreement to acquire Pegasus Business Park from SEGRO PLC, a large, listed UK REIT, for € 83.4 million.
Located near the Brussels International Airport and eight kilometres from the city centre, Pegasus Business Park was initially developed by SEGRO between 1999 and 2003 and today consists of nine office buildings and an underground car park extending over 83,384 square meters. The transaction also includes 11 plots of undeveloped land adjacent to existing buildings and encompassing more than 65,000 square meters. With an average occupancy rate of approximately 80%, Pegasus Business Park currently has 27 tenants, including blue chip tenants Cisco, Regus, Black & Decker and Johnson Control.
“Pegasus Business Park is a compelling investment due to its established location in a prominent European capital and the number of quality multi-national tenants it has already attracted,” said John Ruane, Partner at Ares Management. “Ares’ business plan is to enhance the value of the existing buildings by improving amenities and upgrading the landscaping in order to further increase the park’s attractiveness to tenants.”
Ares Management, L.P. (NYSE:ARES) is a leading global alternative asset manager with approximately $77 billion of assets under management and approximately 700 employees in more than 15 offices in the United States, Europe and Asia as of March 31, 2014. 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 four distinct but complementary investment groups in Tradable Credit, Direct Lending, 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.
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