Apollo Global to provide EUR 1B capital solution to Vonovia

Apollo entered into agreements for Apollo-managed insurance affiliates, funds and other long-term investors to invest EUR 1 billion into an entity owning a portfolio of high-quality real estate assets in Northern Germany controlled by Vonovia, a leading global residential real estate company with assets of approximately $100 billion. This commitment follows a EUR 1 billion investment by Apollo funds in a Vonovia portfolio in Southwest Germany earlier this year. For Apollo, the transaction will allow its insurance and institutional clients to access an attractive investment opportunity backed by high-quality assets with resilient cashflow characteristics. The Northern Germany portfolio includes approximately 31,000 high-occupancy units valued by Vonovia at EUR 3.8 billion. Proceeds from the investment support Vonovia’s capital allocation plans, including repayment of certain of its financial liabilities. The latest Vonovia portfolio investment is subject to the satisfaction of closing conditions, including regulatory clearances, and is expected to be completed by year-end.