Ares Management Corp. has raised its largest European real estate fund yet, with plans to target distressed and poorly managed assets.
Ares EF V gathered 1.78 billion euros ($1.97 billion) and will be managed by the firm’s property unit, Ares Real Estate Group, headed by Bill Benjamin, company executives said Monday. About 40% has already been committed to nine investments including a residential portfolio in Madrid and a mixed office-retail building at 68 King William St. in London that was previously owned by an investor from Saudi Arabia.