Ares Management closes more than $2.1 bln for two real estate funds

Ares Management has closed two oversubscribed real estate funds at more than $2.1 billion.

The Ares European Real Estate Fund IV raised $1.3 billion, beating its initial target of $1 billion while Ares US Real Estate Fund VIII collected $824 million, sweeping past its $750 target.

Ares European Real Estate Fund IV will focus on making residential, retail, office and industrial real investments in the European market. Ares US Real Estate Fund VIII will invest in multifamily, industrial, retail, hotel and office real estate in major markets across the U.S.

Ares Management’s Real Estate Group currently manages about $9.6 billion of assets as of September 30, 2014.

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