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Apollo Invests $1 Billion in Joint Venture With Starwood REIT
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Apollo Invests $1 Billion in Joint Venture With Starwood REIT Apollo Global Management Inc. is investing $1.02 billion in a joint venture with Starwood Real Estate Income Trust, a commercial property vehicle known as SREIT that has struggled to provide liquidity to investors. Apollo is acquiring a 41.5% stake in a joint venture that will own roughly 120 of SREIT’s affordable housing properties in the US, according to a statement Tuesday. SREIT will use the proceeds from the transaction to...
Apollo Invests $1 Billion in Joint Venture With Starwood REIT
Apollo Global Management Inc. is investing $1.02 billion in a joint venture with Starwood Real Estate Income Trust, a commercial property vehicle known as SREIT that has struggled to provide liquidity to investors.
Apollo is acquiring a 41.5% stake in a joint venture that will own roughly 120 of SREIT’s affordable housing properties in the US, according to a statement Tuesday. SREIT will use the proceeds from the transaction to repay a portion of the company’s credit facility, which the statement called “a critical step” toward improving liquidity and enhancing shareholder returns.