ARA completes InfraRed purchase

Asset manager ARA Dunedin has completed a deal to buy the European real estate investment management business of InfraRed Capital Partners. InfraRed Capital Partners has about $1.4bn (£1bn) under management. The company was put up for sale by Sun Life following a strategic review in 2020. Sun Life bought InfraRed in 2019. The pair struck a deal in August for the division sale. Two InfraRed vehicles that own a shopping centre in Basildon earmarked for 2,800 homes have since gone into administration. The transferred business will operate as ARA Europe’s real estate equity fund management platform as ARA Europe Private Markets. AEPM is a value-add business with co-investment from the senior management team, alongside ARA Europe’s stakeholders. The acquisition brings the platform to more than £3bn, with a team of 50 people in London and Edinburgh. Stuart Jackson, chief executive of AEPM, said: “Cultural compatibility, minimal overlap and an aligned shareholder who is one of the largest real asset managers in the Asia Pacific region, provides an optimal environment for us to thrive and succeed.” Mark Ebbinghaus, chief executive of ARA Europe and chairman of ARA Dunedin, said: “The addition of InfraRed’s real estate team gives us the opportunity to offer our global client base another avenue to invest into European real estate through a well-established, market leading, European value-add fund manager.”   To send feedback, e-mail emma.rosser@eg.co.uk or tweet @EmmaARosser or @EGPropertyNews Image © Lesley Jones Architecture