Realty Income and Apollo establish strategic partnership

Realty Income (O) and Apollo (APO) announced that Apollo-managed funds and affiliates intend to provide a $1.0B investment to Realty Income to acquire a 49% interest in a new joint venture entity that is expected to own a diversified portfolio of single-tenant retail properties subject to long-term net leases. Realty Income will continue to manage the portfolio, which includes approximately 500 retail assets that benefit from stable, contractual cash flows and are supported by Realty Income’s operating platform. The transaction is expected to close on March 31, subject to finalization and execution of the documentation, and customary closing conditions.