7 March 2019 – Idealista
The US fund Ares Management is creating a Socimi to invest up to €1 billion in residential assets for rental in Madrid. The firm wants to benefit from the boom in the rental market in Spain and has already raised €250 million to invest.
Ares first expressed its interest in the market last year when it submitted a bid to acquire Sareb’s rental home Socimi, Témpore. However, that operation was called off by the bad bank in favour of a more orderly sales process (now underway).
Ares is a listed company, founded in 1997, which manages alternative assets worth around USD 88 billion. It has 15 offices in the USA, Europe and Asia.
Original story: Idealista (by C. Pareja & P. Martínez-Almeida)
Translation/Summary: Carmel Drake