Ares Management has agreed to acquire Whitestone REIT in an all-cash transaction valued at approximately $1.7bn.

The firm will acquire all outstanding shares at $19.00 per share, representing a 12.2% premium to the company’s latest closing price and a 26.5% premium to its unaffected share price prior to earlier sale reports.

The transaction strengthens Ares Real Estate’s exposure to necessity-based retail assets in high-growth US markets. Whitestone’s portfolio comprises 56 properties spanning approximately 4.9m square feet across key regions including Phoenix, Austin, Dallas-Fort Worth, Houston, and San Antonio.

“Whitestone’s portfolio provides an attractive opportunity to further diversify Ares Real Estate’s footprint with necessity-based retail centers in high-demand, supply-constrained metro regions across Arizona and Texas,” said David Roth, Global Head of Real Estate Strategy and Growth at Ares Real Estate. 

He added, “Looking ahead, we are confident in Ares’ ability to support and expand on the Whitestone portfolio and create value for both communities and investors.”

The deal has been unanimously approved by Whitestone’s board and is expected to close in Q3 2026, subject to shareholder approval and customary closing conditions.

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