Real Estate Segment
Based upon our long-standing history of investing in real estate-related sectors such as hotels and lodging, leisure, and logistics, we established Apollo Global Real Estate ("AGRE"), a dedicated business to pursue real estate investment opportunities. Our real estate activities benefit from, and contribute to, Apollo’s integrated platform, and further expand our deep real estate industry knowledge, relationships, and structuring expertise. As of March 31, 2013 our real estate business had assets under management of approximately $9.4 billion.
In addition to the funds below, we may seek to serve as the manager of or sponsor a series of real estate funds that focus on other opportunistic investments in distressed debt and equity recapitalization transactions, including corporate real estate, distress for control situations, and the acquisition and recapitalization of real estate portfolios, platforms and operating companies, including non-performing and deeply discounted loans.
- CPI Capital Partners: On November 12, 2010 an affiliate of AGRE acquired Citi Property Investors ("CPI"), the real estate investment management group of Citigroup Inc. CPI is an integrated real estate investment platform with investment professionals located in Asia, Europe and North America. As part of the transaction, a majority of CPI's employees joined AGRE, and AGRE assumed management of a number of CPI's funds, including its flagship funds, CPI Capital Partners Asia Pacific, L.P., CPI Capital Partners Europe, L.P., and CPI Capital Partners North America, L.P. For more information regarding AGRE's acquisition of CPI, please see the press release (CPI press release).
- Apollo Commercial Real Estate Finance, Inc.: In 2009, we launched Apollo Commercial Real Estate Finance, Inc. (ARI), a commercial real estate finance company that originates, acquires, invest in, and manages performing commercial first mortgage loans, commercial mortgage-backed securities, or CMBS, mezzanine financings and other commercial real estate corporate debt investments in the United States. ARI began trading on the New York Stock Exchange in September 2009 under the ticker "ARI". For more information, please see the company's website: www.apolloreit.com.
- AGRE CMBS Fund L.P.: In December 2009, we formed AGRE CMBS L.P. to invest principally in commercial mortgage-backed securities, and leverage those investments by borrowing from the Federal Reserve Bank of New York's term-asset-backed securities loan facility program.
- Apollo Residential Mortgage, Inc.: In 2011, we launched Apollo Residential Mortgage, Inc., a residential real estate finance company that is focused primarily on investing in, financing, and managing mortgage-backed securities, residential mortgage loans, and other residential mortgage assets in the United States. The company began trading on the New York Stock Exchange in July 2011 under the ticker “AMTG”. For more information, please see the company’s website: www.apolloresidentialmortgage.com.