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Apollo Closes on $335M Global RE Fund

NEW YORK CITY-While the firm awaits better conditions stateside, it plans to complement some $700 million in overseas activity already nailed down, explain Apollo executives. The new package will target opportunities in Western and Central Europe as well as Japan.

By John Salustri | Updated on April 07, 2003

NEW YORK CITY-Locally based Apollo Real Estate Advisors is building in a large way on the $700 million in overseas investments it has racked up since it began investing in Europe in 1995. Apparently while it waits for the US investment market to grow some better opportunities, the firm has just raised $335 million in cooperation with an unnamed investment partner to scout opportunities in Western and Central Europe as well as in Japan.

Apollo executives report that the firm itself ponied up some $15 million of that total war chest, and they estimate that roughly one-third of the total capital has been invested to date. One of the major plays was last year’s purchase of the Haslemere Co., a $2-billion owner of office, retail and industrial assets. The purchase came with a 134-property portfolio.

A variety of US, European and Australian public employee retirement systems have also contributed to the fund, along with pension plans, banks, insurance companies and individual investors.

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