It is the second property deal Ares has made in a week, following its purchase of house building company London Square from Graphite Capital for £110m.
SEGRO began developing the Brussels-based park in 1999. It currently consists of nine office buildings and an underground car park covering more than 83,000 square meters.
Segro has made a property yield of nine per cent on the sale, with the figure representing the rent divided by the value of the asset.
The deal also includes 11 plots of undeveloped land of more than 65,000 square meters which is adjacent to the park. The asset produces a net rental income of €8.7m a year.
Ares Management partner John Ruane said, “Pegasus Business Park is a compelling investment due to its established location in a prominent European capital and the number of quality multi-national tenants it has already attracted.
“Ares’ business plan is to enhance the value of the existing buildings by improving amenities and upgrading the landscaping in order to further increase the park’s attractiveness to tenants.”
Segro chief investment officer Phil Redding said, “The disposal of Pegasus Park is a further important milestone in the strategic reshaping of our portfolio, reducing our exposure to regional office parks and providing funds to strengthen our balance sheet and build critical mass in our core products.”
In May last year Ares Management announced it would acquire New York and London-based real estate investment firm AREA Property Partners. The deal would see Ares absorb AREA’s $6bn of assets, as well as a 35 per cent non-controlling minority stake owned by listed financial services group National Australia Bank.
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