Ares Management Corporation and Slate Asset Management have announced that a joint venture between Ares Real Estate funds and Slate has agreed to acquire a portfolio of 36 properties valued at over EUR 300 million in Poland from Trei Real Estate.
The transaction is expected to close by December 31st, 2025, subject to customary and regulatory approvals.
According to Ares Management, the portfolio comprises 36 recently developed and fully occupied convenience-led retail parks strategically located across major Polish metropolitan areas near large catchment populations. The assets are inflation-protected through CPI-linked lease agreements underpinned by tenants with strong covenants. Most of the Portfolio’s income is derived from large regional retailers and essential goods providers, including grocers and pharmacies.
Ares Management Corporation is a 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 June 30, 2025, Ares Management Corporation’s global platform had over USD 572 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific, and the Middle East.
Slate Asset Management is a global investor and manager focused on essential real estate and infrastructure assets.
Trei Real Estate is a German real estate company with registered office in Duesseldorf that acquires, develops, and manages customized and sustainable residential and retail properties. As a wholly-owned subsidiary of the Tengelmann Group, it focuses on real estate investments and developments in Germany, Poland, and the United States.
Rymarz Zdort Maruta advised Ares Management Corporation affiliate Ares Real Estate’s funds and Slate Asset Management on the acquisition while JDP advised Trei Real Estate (as reported by CEE Legal Matters on November 3, 2025).
“This transaction underlines our conviction in Polish real estate and the broader European retail sector, both of which are areas in which Ares has been investing for over two decades,” commented Ares Real Estate Group Partner and Head of European Diversified Investments Kevin Cahill. “We believe the Portfolio presents significant opportunities for additional value creation and we look forward to working closely with Slate to unlock its full potential.”
“This Portfolio of modern, high-quality properties is a natural fit for our income-focused essential real estate strategy, which specifically targets convenience and necessity-based retail and other mission-critical real estate across Europe,” added Slate Managing Director Sven Vollenbruch. “After years of studying the Polish market and underwriting essential real estate transactions, this acquisition presented the right opportunity to enter Poland and add a valuable new spoke to our growing Pan-European platform.”
“We are big believers in the further growth of retail parks and convenience retail in Poland,” commented Trei Real Estate CEO Pepijn Morshuis. “With ownership of Trei increasingly focusing on the USA, however, in Ares and Slate we found good and trusted new owners of our beloved Vendo Parks, enabling us to pursue other opportunities in the far west.”
Image source: treirealestate.com