Ares Management Corporation has completed the acquisition of Whitestone REIT for $19.00 per share in an all-cash transaction valued at approximately $1.7 billion. The deal 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. Additional information regarding the disbursement of the merger consideration to Whitestone shareholders is available in an 8-K filed by Whitestone with the Securities and Exchange Commission.

Transaction Advisors

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.

About Ares Management Corporation

Ares Management Corporation is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. As of March 31, 2026, Ares Management Corporation's global platform had over $644 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East.

Ares Management is launching its second Asia-focused private credit fund, aiming to exceed the $1.7 billion raised by its predecessor to capitalize on the region's expanding private lending market. The proposed Asia Direct Lending II Fund will finance leveraged buyouts across Asia-Pacific, although details remain subject to change, sources told Bloomberg. The initiative highlights a broader trend of global investment managers increasing their footprint in the region.

Competitive Landscape in APAC Fundraising

Approximately 60 Asia-Pacific-focused funds managing more than $1 billion each are currently fundraising, accounting for more than 10% of global fundraising targets. This figure is well above the region’s 5% share of recently closed funds, according to Bain & Company. The imbalance points to a potential fundraising rebound in 2026 but also intensifying competition for capital as limited partners remain selective.

Recent Fundraising Activities

Several major financial institutions have recently secured significant capital for Asia-focused funds:

Strategic Partnerships and New Ventures

KKR & Co. and Capital Group are collaborating on the launch of a public-private credit fund in Asia this year. Capital Group CEO Mike Gitlin told Bloomberg that the fund will target both public and private investments, positioning it as a “more liquid, cheaper, and more transparent” option. This strategic shift reflects the evolving demands of investors seeking diversification across both asset classes and regions.