US asset manager Ares Management has announced a $700m deal to invest in commercial real estate debt on behalf of an unnamed company that it described as a 'large North American specialty life insurer'.
In a short statement Ares said that it will directly originate and service variable and fixed-rate US commercial mortgage loans across a variety of property types and maturities. The Los Angeles-based company added that the deal is expected to be complementary to the Ares Real Estate Group's existing origination activities, including Ares Commercial Real Estate Corporation.
"We now have more than $5bn of assets under management through direct investments from the insurance sector," said David Reilly, senior partner of the Ares Business Development Group and Head of Ares Insurance Partners.