Apollo Real Estate Advisors has closed its third dedicated European fund, the Apollo European Real Estate Fund III, with a total of approximately $1.4 billion of committed capital. The fund is comprised of $600 million and 535 million euros.
The international real estate investor and fund manager anticipates investing 30% to 40% of the fund in the UK; 30% to 40% in Western Europe, including France, Germany, Switzerland, Italy and Spain, and approximately 25% in Central and Eastern Europe.
The fund has already completed several transactions. For instance, the fund acquired the Merter shopping center site in Istanbul, Turkey for $380 million with joint-venture partner Multi Turkmall. The partnership also has committed $470 million to the retail project’s development.
Apollo’s investors consist of some large institutional investors, including public and private sector pension funds, major insurance companies, financial service firms, university endowments, foundations, and charitable trusts.
