The Apollo Global Management funds have acquired a majority stake in a listed German real estate company for 98 million euros.
The manager’s Apollo European Principal Finance Fund III (EPF III) finances the acquisition of 75.02% of the ordinary shares of Agrob Immobilien and 20.12% of the preferred shares of Agrob from HVB Gesellschaft für Gebäude mbH.
Agrob, listed in Munich, owns and operates a fully leased 103,000 m² media and business park in the Munich suburb of Ismaning.
The $ 4.6 billion EPF III fund pursues an opportunistic value-driven strategy by acquiring mainly non-performing, non-core and inefficient whole loans, real assets and performing credit instruments, as well as investment platforms. associated operations.
EPF III has been one of the most active investors in the German office market in recent years and currently manages over € 1 billion in office and logistics assets.
Apollo funds are also increasingly active in the listed real estate sector, following the significant investment in DEMIRE Deutsche Mittelstand Real Estate AG in February last year and the indirect investment in ADO Properties in September 2017.
Sebastian-Dominik Jais, Partner at Apollo, said: “We are delighted that the Apollo funds are acquiring a controlling stake in Agrob.
“Apollo has been one of the most active investors in German office space over the past few years, and this transaction represents an opportunity to grow our portfolio in one of Germany’s strongest markets.”