{"id":1004138059,"date":"2016-02-29T23:54:59","date_gmt":"2016-03-01T07:54:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004138059"},"modified":"2020-04-24T05:04:13","modified_gmt":"2020-04-24T13:04:13","slug":"apollo-siblings-to-merge-in-600m-plus-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/apollo-siblings-to-merge-in-600m-plus-deal\/","title":{"rendered":"Apollo Siblings to Merge in $600M-Plus Deal"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/em><\/p>\n

\"ARI<\/a>

ARI Chairman Jeffrey M. Gault<\/p><\/div>\n

New York<\/strong>\u2014The big REIT deals keep coming, and this time, it\u2019s an indirect subsidiary of Apollo Global Management<\/a> looking to merge with another such affiliate. Apollo Commercial Real Estate Finance Inc.<\/a> (ARI) has agreed to acquire Apollo Residential Mortgage Inc.<\/a> (AMTG) for roughly $641 million, the two companies announced Friday.<\/p>\n

ARI will acquire AMTG for cash and shares of ARI common stock, which would value AMTG at about $14.59 per share of common stock, a price that reportedly represents a premium of about 44 percent over the closing share price on the previous day. The deal has been approved by the boards of both companies, but remains subject to shareholder approval and to a 35-day period in which AMTG\u00a0 may evaluate alternative proposals from third parties. Assuming the transaction goes through, it\u2019s expected to closed in the second or third quarter.<\/p>\n

Key to this deal from the CRE side is how ARI plans to redeploy its new capital.<\/p>\n

\u201cARI continues to see compelling investment opportunities in our core commercial real estate lending business,\u201d ARI chairman Jeffrey M. Gault said in a prepared statement. \u201cUpon successful closure of the AMTG transaction, ARI intends to redeploy the capital from the transaction to fund ARI\u2019s current investment pipeline and pursue attractive new commercial real estate debt opportunities expected to drive earnings growth.\u201d<\/p>\n

Significantly perhaps, the announcement emphasized this point, noting that \u201cARI\u2019s management believes there is significant opportunity to deploy capital into commercial real estate debt investments at attractive returns\u2026. ARI has a robust pipeline of commercial real estate debt investments with attractive risk-adjusted returns in which to invest the incremental capital from the acquisition, in addition to $86 million of fundings for previously closed transactions that are scheduled throughout 2016.\u201d<\/p>\n

ARI declined to provide Commercial Property Executive with further information about its plans.<\/p>\n

Last August, the news broke that Apollo Global Management would take the majority interest<\/a> in new firm AR Global Investments, more than doubling its CRE AUM (to about $27 billion) at one stroke.<\/p>\n

Later that month, a fund sponsored by AGM paid $103 million<\/a> for a 700,000-square-foot portfolio sold by Duke Realty Corp., consisting of six office properties in Ohio.<\/p>\n","protected":false},"excerpt":{"rendered":"

Apollo Commercial Real Estate Finance has agreed to acquire Apollo Residential Mortgage for roughly $641 million.<\/p>\n","protected":false},"author":882,"featured_media":1004138099,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21825,23891,21742],"tags":[],"class_list":["post-1004138059","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-finance","category-national","category-latest"],"acf":[],"yoast_head":"\nApollo Siblings to Merge in $600M-Plus Deal - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/apollo-siblings-to-merge-in-600m-plus-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Apollo Siblings to Merge in $600M-Plus Deal\" \/>\n<meta property=\"og:description\" content=\"Apollo Commercial Real Estate Finance has agreed to acquire Apollo Residential Mortgage for roughly $641 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/apollo-siblings-to-merge-in-600m-plus-deal\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-03-01T07:54:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-24T13:04:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/Jeff.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"666\" \/>\n\t<meta property=\"og:image:height\" content=\"1000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/apollo-siblings-to-merge-in-600m-plus-deal\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/apollo-siblings-to-merge-in-600m-plus-deal\/\",\"name\":\"Apollo Siblings to Merge in $600M-Plus Deal - 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