Plan VIVE establishes a novel partnership between the Community of Madrid, Ares, AEDAS Homes and Grupo SANJOSE intended to help address the affordable housing shortage for lower- and middle-income communities.

The homes themselves will feature a modern fit-out and residents will benefit from a wide range of amenities such as a gym, swimming pool and indoor and outdoor communal spaces. All project plans have been developed with what we believe is a strong focus on environmentally conscious design, construction and operations, including Grade A energy efficiency certification, materials specifically selected and sourced to minimize environmental impact and efficient design for waste management and water usage. Avalon Properties, an asset manager majority-owned by Ares, will oversee the assets as part of Ares’ Madrid rental residential strategy, which will now total more than 5,600 units across the Madrid region, over 80% of which will consist of new builds and the majority of which will have rents under €700 per month.Īs part of the investment, Ares has partnered with Madrid-based companies AEDAS Homes, a leading residential developer in Spain, and Grupo SANJOSE, a global construction company, to act as the project manager and developer, and constructor, respectively. Ares has committed to developing this portfolio within three years and to cap the rent per unit at a material discount to current market rent, providing important affordable housing for lower- and middle-income residents. As part of its Plan VIVE, the Community of Madrid has awarded Ares a 50-year concession to invest €400 million in developing housing across 13 municipalities in Madrid. LONDON-( BUSINESS WIRE)-Ares Management Corporation (NYSE: ARES) announced today that funds managed by the Ares Real Estate Group (“Ares”) were awarded an innovative public-private partnership with the Community of Madrid to develop more than 3,600 affordable rental residential units in Madrid.

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