Search
 

Apollo Completes Purchase of VEF Series

NEW YORK CITY-Locally based Apollo Real Estate Advisors picks up the funds management business of Lend Lease Corp.'s VEF series, which has invested more than $3 billion in US assets since 1993.

By Barbara Jarvie | Updated on April 06, 2004

NEW YORK CITY-Apollo Real Estate Advisors, based here, has completed its acquisition of the funds management business of the Value Enhancement Funds series from Lend Lease Corp. Ltd. Last May, the Australia-based Lend Lease announced plans to exit the US marketplace after a year-long survey of the company’s strategy.

The Value Enhancement Funds, which are currently investing in its fifth fund, are a series of closed-end, value-added partnerships that have invested more than $3 billion in US real estate assets since their inception in 1993. VEF will operate separately from Apollo’s real estate investment funds. Apollo officials tell GlobeSt.com that the concentration will remain on the value-added segment, adding that currently there is $150 million of the $350 million remaining from Fund Five, which is expected to be invested in 2004.

Apollo’s investment was made through VEF Holdings LLC, a venture owned by Apollo and principals of Atlanta-based VEF Advisors. The leadership at VEF includes James P. Ryan, B. Stanton Breon and Howard Huang, who were on board when the entity was part of Lend Lease. In addition, Ryan and Breon will serve on the board of directors of VEF Holdings with Apollo’s Lee Neibart and John Jacobsson.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.