Ares Buyout Sets $19 Per Share Price, Whitestone Shares Rally

Ares Management to acquire Whitestone REIT in $1.7B deal, representing a 12.2% premium to the previous closing price.

Apr. 9, 2026 at 2:06pm

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A minimalist, photorealistic studio still-life photograph featuring a polished, geometric sculpture made of brushed stainless steel, representing the merger and acquisition of Whitestone REIT by Ares Management.The acquisition of Whitestone REIT by Ares Management signals a strategic move to expand the acquirer's footprint in high-demand Sun Belt retail markets.Houston Today

Ares Management has agreed to acquire Whitestone REIT in a $1.7 billion deal, paying $19 per share and unit, a 12.2% premium to Whitestone's April 8 closing price and a 26.5% premium to its unaffected price prior to March 5. The Whitestone Board unanimously approved the transaction, which is expected to close in the third quarter of 2026, subject to shareholder approval and customary conditions.

Why it matters

The acquisition of Whitestone REIT by Ares Management will allow the company to further diversify its real estate portfolio with necessity-based retail centers in high-demand, supply-constrained metro regions across the Sun Belt. For Whitestone shareholders, the deal delivers significant immediate and certain value.

The details

Whitestone's portfolio includes 56 convenience-focused retail properties totaling approximately 4.9 million square feet across high-growth markets, including Phoenix, Austin, Dallas-Fort Worth, Houston, and San Antonio. Upon completion, Whitestone will become a private company and its shares will no longer trade on the NYSE.

  • The Whitestone Board unanimously approved the transaction on April 9, 2026.
  • The deal is expected to close in the third quarter of 2026, subject to shareholder approval and customary conditions.

The players

Ares Management

An American alternative investment management firm that manages private equity funds, credit funds, and real estate funds.

Whitestone REIT

A real estate investment trust that owns and operates necessity-based retail properties in high-growth Sun Belt markets.

Dave Holeman

CEO of Whitestone REIT.

Amy Feng

Chair of Whitestone REIT.

David Roth

Managing Director at Ares Real Estate.

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What they’re saying

“We believe Whitestone has shown the value of high-return smaller spaces occupied by a well-diversified mix of tenants.”

— Dave Holeman, CEO, Whitestone REIT

“We are excited to reach this agreement, which delivers significant, immediate, and certain value to our shareholders while positioning Whitestone's assets for continued success.”

— Amy Feng, Chair, Whitestone REIT

“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.”

— David Roth, Managing Director, Ares Real Estate

What’s next

The deal is expected to close in the third quarter of 2026, subject to shareholder approval and customary conditions.

The takeaway

The acquisition of Whitestone REIT by Ares Management highlights the continued demand for high-quality, necessity-based retail properties in growing Sun Belt markets. The transaction delivers significant value for Whitestone shareholders while positioning the company's assets for further success under Ares' ownership.