Apollo Global Management’s European Principal Finance business is buying a portfolio of 68 commercial and residential assets from Italian pension fund ENPAM for €842 million.
The deal includes hotel, retail, logistics and parking assets mainly located in Rome and Milan.
“These high-quality properties in prime locations with strong alternative use potential are a great fit for our multi-disciplinary asset management capabilities. With a truly heterogenous portfolio composition and increased market demand, we are confident that this group of assets will be attractive to tenants as well as local and international investors,” said Samuele Cappelletti managing director at Apollo.
Apollo’s European Principal Finance business is the second largest, closed-end fund franchise within Apollo, following only the flagship private equity funds, with $7 billion of assets under management as of 30 June, 2021.