Ares Management has completed its acquisition of Whitestone REIT, taking the US retail property owner private in an all-cash deal valued at approximately $1.7bn. The transaction adds a focused portfolio of convenience-oriented retail assets in some of the fastest-growing corners of the US Sun Belt.

Whitestone brings 54 properties totalling around 4.8 million square feet, concentrated across high-growth markets including Phoenix, Austin, Dallas-Fort Worth, Houston, and San Antonio. That geographic tilt sits at the heart of the investment case, giving Ares exposure to metros with strong population and employment growth.

With completion, Whitestone is no longer listed or traded on any public exchange. The take-private continues a broader push by large alternative managers into US real estate at a point when public REIT valuations have left some property owners trading below the underlying value of their assets, creating openings for private capital.

The acquisition also reflects the scale Ares can bring to bear. The firm managed over $644bn in assets as of the end of March 2026, investing across credit, real estate, private equity, and infrastructure, and the Whitestone deal deepens its real estate footprint in the retail segment.