UDR, Apollo Form $2.0 Billion Strategic Partnership

By Reuters News

Oct 21 (Reuters) - Apollo Global Management, Inc. APO.N:

  • UDR, INC. AND APOLLO FORM $2.0 BILLION STRATEGIC PARTNERSHIP

  • JOINT VENTURE TO OWN 19 COMMUNITIES VALUED AT $2 BILLION

  • TO RETAIN ONE-THIRD INTEREST AND CONSOLIDATE JOINT VENTURE

  • APOLLO TO INVEST $1.34 BILLION FOR TWO-THIRDS INTEREST IN JOINT VENTURE

  • RETAINS OPTION TO REPURCHASE APOLLO'S INTEREST AT 7.00-7.50% FIXED RETURN

  • EXPECT TRANSACTION TO BE ACCRETIVE TO EARNINGS

Further company coverage: APO.N

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