Apollo Global Management has sold its circa EUR 1.2bn German office portfolio to Intown Invest, according to a source familiar with the situation and three market sources.
Apollo initially asked brokers to pitch for the mandate to sell the portfolio, as first reported by this news service, but later told them it had already found a buyer.
The portfolio comprises secondary offices throughout Germany that Apollo bought in recent years. In 2014, Apollo bought a 21-strong portfolio from TAG Immobilien for EUR 297m. In 2015, Apollo bought the Bridge portfolio, comprising five offices in the Windermere X CMBS, for around EUR 330m. Last year, it bought two portfolios of properties previously held by Goldman Sachs‘s Whitehall funds. It paid EUR 239m for the Archer portfolio, which included 11 secondary offices in Germany’s seven biggest cities. It also bought the Amelia portfolio of 41 secondary offices across Germany.