Ares, HCN Close on Mega-Deals

LOS ANGELES and TOLEDO, OH-A pair of major industry consolidations has closed, with Ares Management announcing late Monday evening that it has completed its acquisition of AREA Property Partners LP and Health Care REIT saying Monday afternoon that it had finalized its $4.3-billion Sunrise Senior Living investment. The Ares deal gives Ares Real Estate Group a total of $8 billion in committed capital under management, while HCN’s acquisition of the Sunrise portfolio brings 10,000 units across 120 properties—including five in joint ventures—into its fold.

“By joining Ares, our investors will benefit from its superior deal sourcing and access to market information as well as from its significant infrastructure,” AREA CEO Lee Neibart, who’s joining Los Angeles-based Ares as a senior partner, says in a release. He adds that the AREA team is “excited to bring our equity investment discipline to Ares, which will forge a strong presence across the capital structure in real estate, just like Ares has demonstrated in its corporate investments.”