Kirkland Advises Ares on $1.7 Billion Acquisition of Whitestone REIT

Kirkland & Ellis advised Ares Management Corporation (NYSE: ARES) on a definitive merger agreement with Whitestone REIT (NYSE: WSR) in which Ares Real Estate Funds will acquire all outstanding Whitestone common shares and operating partnership units for $19.00 per share or unit in an all-cash transaction valued at approximately $1.7 billion. Whitestone's portfolio as of March 31, 2026 comprises 56 high-quality, convenience-focused retail properties totaling approximately 4.9 million square feet in some of the country's fastest growing markets including Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio. The transaction, which was unanimously approved by the Whitestone Board of Trustees, is expected to close in the third quarter of 2026, subject to customary closing conditions, including approval by the company's shareholders.

Read the transaction press release

The Kirkland team included real estate lawyer Michelle Kelban; and corporate lawyers Jonathan Benloulou; Emily Lichtenheld, Daniel Elizondo and Natasha Shah.