Ares Management Corporation has completed the acquisition of Whitestone REIT, a publicly traded real estate investment trust focused on convenience-oriented retail properties, in an all-cash transaction valued at approximately $1.7 billion. Ares paid $19.00 per common share and operating partnership unit. Whitestone will no longer trade on any public securities exchange following the close.
The acquisition adds 54 retail properties totaling approximately 4.8 million square feet to Ares Real Estate’s portfolio. The properties are concentrated in high-growth Sun Belt markets including Phoenix, Austin, Dallas-Fort Worth, Houston, and San Antonio — markets that have seen sustained population and economic expansion and where demand for convenience-oriented retail has remained resilient.
Citigroup Global Markets acted as lead financial advisor and financing provider to Ares, with Morgan Stanley also serving as financial advisor and financing provider. Kirkland & Ellis served as legal advisor to Ares, and Dechert served as legal advisor to Citigroup and Morgan Stanley. On the sell side, BofA Securities advised Whitestone and provided a fairness opinion to its Board of Trustees, Jones Lang LaSalle Securities also served as financial advisor, and Bass Berry & Sims served as legal counsel.
Ares Management oversees more than $644 billion in assets under management as of March 31, 2026, across credit, real estate, private equity, and infrastructure strategies globally.
