US alternative manager Ares Management Corporation is buying GCP International, an international unit of Singapore’s GLP Capital Partners, for US$3.7 billion, aiming to double the company’s real estate assets.
GCP International primarily develops vertically integrated property platforms that focus on new economy sectors such as digital infrastructure globally with $44 billion of total assets.
“The acquisition will firmly establish Ares Real Estate as one of the largest global vertically integrated platforms and nearly doubles its assets under management to approximately $96 billion across North America, Europe, Asia and Latin America,” the alternative manager says in a statement on October 8.
The transaction does not include GLP’s operations in Greater China. Ares says the company’s Greater China businesses will continue to be overseen by its investment team in Singapore.
“As a combined business, we believe that Ares’ and GCP International’s experienced management teams, highly collaborative cultures and investment track records will create a powerhouse in global real assets investing,” Michael Arougheti, chief executive officer and president of Ares, says in the statement.
The transaction is expected to close in the first half of 2025 subject to customary regulatory approvals.
California-based Ares had around $447 billion of assets under management as of June 2024. GLP manages around $125 billion of assets.
