Ares Management Corporation, a global alternative investment manager, announced that certain Ares Real Estate funds have completed the previously announced acquisition of all outstanding Whitestone REIT common shares and operating partnership units for $19.00 per share or unit in an all-cash transaction valued at approximately $1.7 billion.
The transaction expands Ares Real Estate’s portfolio with 54 high-quality, convenience-focused retail properties totaling approximately 4.8 million square feet across fast-growing markets in the United States, including Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio.
With the completion of the acquisition, Whitestone will no longer be traded or listed on any public securities exchange.
Citigroup Global Markets Inc. acted as lead financial advisor and financing provider to Ares, with Morgan Stanley also acting as financial advisor and financing provider. Kirkland & Ellis LLP served as legal advisor to Ares. Dechert LLP served as legal advisor to Citigroup Global Markets Inc. and Morgan Stanley.
BofA Securities served as Whitestone’s financial advisor and provided a fairness opinion to Whitestone’s board of trustees, and Jones Lang LaSalle Securities also served as a financial advisor. Bass Berry & Sims served as Whitestone’s legal advisor.
