Ares Management is backtracking. The US fund has put its Spanish 1,900-home build-to-rent residential portfolio up for sale. According to OkDiario, it would prefer to sell the assets to a single investor for a price close to 400 million euros.
There are currently no plans to sell to different companies. The initial plans were to launch a socimi specialized in residential for rent, Avalon Properties, on BME Growth. This plan has since been discarded.
This sale clashes with what Avalon’s CEO and head of Ares in Spain, Pablo Paramio, stated in April when he assured that Ares was buying residential developments with long-term investment prospects and that, in no case, he was setting a date for possible divestments.
