Apollo Global Management, acting on behalf of the company’s public mortgage REIT and insurance platform, has originated a €435 mln senior loan for Tristan Capital Partners’ acquisition of 57 properties from Summit Real Estate Holdings, a publicly listed entity on the Tel Aviv Stock Exchange.
The floating rate senior loan will have a five-year term and will be secured by a diverse portfolio of 57 properties totaling 528,785 m2 of office, warehouse/industrial and retail space with a concentration in Germany’s top seven cities.
Tristan announced last week that it was making the €1 bn acquisition of the Summit portfolio for its Episo 5 opportunistic fund.
Ben Eppley, partner of Apollo Global Management and head of European Commercial Real Estate Debt, commented: ‘We were very pleased to partner with Tristan and offer a flexible, creatively structured financing package for their acquisition of the Summit portfolio. Our ability to use the balance sheets of Apollo’s permanent capital vehicles enables us to provide our clients with efficient capital solutions. Tristan is a relationship sponsor of ours and has a strong track record in Germany. They are acquiring a high-quality, well-located portfolio of commercial real estate assets with a diversified tenancy profile.’
‘This was a rare opportunity to acquire a diverse mix of attractive assets in strategic locations in Germany,’ said Constantin Plenge, managing director at Tristan Capital Partners. ‘Apollo provided us with a creative financing solution for a complex transaction and offered us certainty of execution and flexibility, both of which were critical to completing the acquisition. We appreciate our relationship with Apollo and their support across a number of deals with us.’
