Funds Managed by Affiliates of Apollo acquire controlling stake in AGROB Immobilien AG
September 25 2019 - 3:37PM
Funds managed by affiliates of Apollo Global Management, Inc.
(NYSE:APO)(together with its consolidated subsidiaries, “Apollo”),
a leading global alternative investment manager, today announced
that they have acquired a controlling majority stake in German real
estate business AGROB Immobilien AG (“AGROB” or the “Company”).
Founded in 1867 as a brick factory and now
listed in Munich with a market capitalisation of approximately €98
million based on a closing common share price of €25.40 and
preference share price of €25.00 on Wednesday 25 September 2019,
AGROB is a real estate investment company owning and managing a
modern 103k sqm media and business park strategically located in
Munich's affluent suburb of Ismaning. The business park is
currently fully let and benefits from a diversified tenant base
focusing on established media companies, which currently employ
more than 2,000 people on the premises.
The transaction involves the purchase of a
controlling stake of 75.02% of common shares and 20.12% of
preference shares from HVB Gesellschaft für Gebäude mbH & Co.
KG (“HVB”), a subsidiary of UniCredit.
The transaction will be funded by equity from
Apollo European Principal Finance Fund III (“EPF III”), which held
a final close on 30 November 2017 with total commitments of c.
$4.6bn. EPF III maintains a value-oriented, opportunistic strategy
by primarily acquiring non-performing, non-core, and capital
inefficient whole loans, real assets and performing credit
instruments, as well as associated operating platforms.
EPF III has been one of the most active
investors in the German office market in recent years and currently
manages more than €1 billion of office and logistics assets. Apollo
funds have also been increasingly active in the publicly listed
real estate sector, following the significant investment in DEMIRE
Deutsche Mittelstand Real Estate AG in February 2018 and the
indirect investment in ADO Properties in September 2017.
Sebastian-Dominik Jais, Partner at Apollo,
commented: “We are excited for the Apollo Funds to acquire a
majority stake in AGROB. Apollo has been one of the most active
investors in the German office space over the last several years,
and this transaction represents an opportunity to grow our
portfolio in one of Germany’s strongest markets.”
About ApolloApollo is a leading
global alternative investment manager with offices in New York, Los
Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid,
Luxembourg, Mumbai, Delhi, Singapore, Hong Kong, Shanghai and
Tokyo. Apollo had assets under management of approximately $312
billion as of June 30, 2019 in private equity, credit and real
assets funds invested across a core group of nine industries where
Apollo has considerable knowledge and resources. For more
information about Apollo, please visit www.apollo.com.
Forward Looking StatementsThis
press release may contain forward looking statements that are
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements include, but are not limited to,
discussions related to Apollo’s expectations regarding the
performance of its business, its liquidity and capital resources
and the other non-historical statements in the discussion and
analysis. These forward-looking statements are based on
management's beliefs, as well as assumptions made by, and
information currently available to, management. When used in this
press release, the words “believe,” “anticipate,” “estimate,”
“expect,” “intend” and similar expressions are intended to identify
forward-looking statements. Although management believes that the
expectations reflected in these forward-looking statements are
reasonable, it can give no assurance that these expectations will
prove to have been correct. These statements are subject to certain
risks, uncertainties and assumptions, including risks relating to
our dependence on certain key personnel, our ability to raise new
private equity, credit or real asset funds, market conditions,
generally, our ability to manage our growth, fund performance,
changes in our regulatory environment and tax status, the
variability of our revenues, net income and cash flow, our use of
leverage to finance our businesses and investments by our funds and
litigation risks, among others. We believe these factors include
but are not limited to those described under the section entitled
“Risk Factors” in Apollo’s annual report on Form 10-K filed with
the Securities and Exchange Commission (the “SEC”) on March 1,
2019, as such factors may be updated from time to time in our
periodic filings with the SEC, which are accessible on the SEC’s
website at www.sec.gov. These factors should not be construed as
exhaustive and should be read in conjunction with the other
cautionary statements that are included in this press release and
in other filings. We undertake no obligation to publicly update or
review any forward-looking statements, whether as a result of new
information, future developments or otherwise, except as required
by applicable law. This press release does not constitute an offer
of any Apollo fund.
Contact Information
Apollo Global Management
For investors please contact:Gary M. SteinHead
of Corporate CommunicationsApollo Global Management, LLC(212)
822-0467gstein@apollo.com
Ann DaiInvestor Relations ManagerApollo Global
Management, LLC(212) 822-0678adai@apollo.com
For media inquiries please contact:Finlay
Donaldson / Sam Turvey Maitland/AMO for Apollo Global Management,
Inc. +44 207 379 5151fdonaldson@maitland.co.uk /
sturvey@maitland.co.uk
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