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Apollo Commercial Real Estate Finance Exits $9B CRE Book Via Portfolio Sale
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Commercial Observer
Here’s an item no one had on their Bingo card: Apollo Commercial Real Estate Finance is exiting its commercial real estate positions.
Scott Weiner and Stuart Rothstein‘s publicly traded real estate investment trust (REIT), which doubles as a subsidiary of Apollo Global Management, signed an agreement with insurance subsidiary Athene Holding to sell its entire $9 billion commercial real estate loan portfolio — effectively 100 percent of total loan commitments.
Moreover, the deal marks a change in strategy for Apollo Commercial Real Estate Finance.
The REIT plans to spend the rest of the year evaluating its long-term commercial real estate strategies as it repositions itself with this new liquidity, and some strategies may include considering merger and acquisition opportunities, according to the firm.
Even so, the agreement provides Apollo with the flexibility and right to reacquire any assets managed by Athene following the sale.