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Apollo Real Estate Gets New Name

NEW YORK CITY-The firm co-founded by William Mack will now be called AREA Property Partners, and says its investing focus will not change.

By Paul Bubny | Updated on October 28, 2008

NEW YORK CITY-The company founded 15 years ago as Apollo Real Estate Advisors is changing its name to AREA Property Partners, effective Jan. 15, 2009. In a release, the company says the new name formalizes its independence and marks a new chapter in its history; however, its management, investment focus and business operations will not be affected.

AREA Property Partners was co-founded in 1993 by William Mack and Leon Black, founder of Apollo Global Management LLC. It operated as an independent real estate fund manager, with separate funds and professional staff, but was affiliated until 2000 with Apollo Global. The two companies are not affiliated today, according to filings with the Securities and Exchange Commission. The name change reflects an agreement between Apollo Global and AREA, according to the release.

According to published reports, Apollo Global recently hired Joseph Azrack, former president of Citi Property Investors, to head up its own new venture in commercial real estate. A source reached by GlobeSt.com declined to confirm whether the name change was undertaken partly to avoid confusion.

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