The Ares Real Estate Group has been investing in European rental residential since 2013 and this strategy seeks to lever the power of the Ares platform to source and manage investments in middle market housing development and ownership across a growing number of regions. We look forward to working closely with the Community of Madrid, AEDAS and SANJOSE in realizing the important benefits for all stakeholders.” “Plan VIVE highlights the growing opportunity for introducing private capital to address critical public issues, like Europe’s affordable housing shortage, and we believe that this creative partnership structure provides a template for other municipalities across Europe. “We are excited to have been selected by the Community of Madrid for this public-private partnership that we believe will bring much needed affordable housing to the region’s residents with a focus on environmentally sustainable living,” said Kevin Cahill, Partner in the Ares Real Estate Group. Notably, these projects provide exposure to some of the fastest growing municipalities of Madrid, with strong employment creation, favorable demographic trends and exposure to logistic and technology industry expansion. Through its management of flexible private capital funds, Ares is seeking to fill an important financing gap for public bodies while ensuring affordable rent levels in assets built under high institutional standards. Plan VIVE establishes a novel partnership between the Community of Madrid, Ares, AEDAS Homes and Grupo SANJOSE intended to help address the affordable housing shortage for lower- and middle-income communities. The homes themselves will feature a modern fit-out and residents will benefit from a wide range of amenities such as a gym, swimming pool and indoor and outdoor communal spaces. All project plans have been developed with what we believe is a strong focus on environmentally conscious design, construction and operations, including Grade A energy efficiency certification, materials specifically selected and sourced to minimize environmental impact and efficient design for waste management and water usage. Avalon Properties, an asset manager majority-owned by Ares, will oversee the assets as part of Ares’ Madrid rental residential strategy, which will now total more than 5,600 units across the Madrid region, over 80% of which will consist of new builds and the majority of which will have rents under €700 per month.Īs part of the investment, Ares has partnered with Madrid-based companies AEDAS Homes, a leading residential developer in Spain, and Grupo SANJOSE, a global construction company, to act as the project manager and developer, and constructor, respectively. Ares has committed to developing this portfolio within three years and to cap the rent per unit at a material discount to current market rent, providing important affordable housing for lower- and middle-income residents. As part of its Plan VIVE, the Community of Madrid has awarded Ares a 50-year concession to invest €400 million in developing housing across 13 municipalities in Madrid. LONDON-( BUSINESS WIRE)-Ares Management Corporation (NYSE: ARES) announced today that funds managed by the Ares Real Estate Group (“Ares”) were awarded an innovative public-private partnership with the Community of Madrid to develop more than 3,600 affordable rental residential units in Madrid.
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