Mack’s AREA Property Partners to Be Acquired by Ares
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AREA Property Partners LP, the real estate investment firm William Mack co-founded with Apollo Global Management LLC’s Leon Black, agreed to be acquired by Ares Management LLC.
Mack, 73, will step down as AREA’s chairman to focus on his family’s property investments and charitable pursuits, the companies said today in a statement. His son Richard, currently New York-based AREA’s chief executive officer for North America, will become a senior adviser to Ares’s real estate group. The deal’s terms weren’t disclosed.