Ares Allocates $1.1 Billion in Shared Apartments via Colonies

Ares Management Corporationwill invest 1 billion euros ($1.1 billion) to acquire 2,000 apartments across Europe, to be managed by real-estate startup Colonies.

Dubbed the ‘WeWork of co-living’, French startup Colonies specializes in the renting of shared flats in residential blocks it renovates, decorates and manages. The company plans to open flats for 10 000 new renters over the next three to five years -- up from 1,100 today, in Germany, France, Belgium and Luxembourg.

Ares Management, a private equity firm whose investments include real estate, will allocate the 1 billion euros through its Alternative Credit fund, the companies ...