Apollo buys 5.5% stake in €11b property company
Funds managed by affiliates of Apollo Global Management have acquired a 5.5 percent stake in CPI Property Group (CPIPG) for €300 million ($338 million).
CPIPG is a family-owned company with a property portfolio exceeding €11 billion ($12.4 billion). CPIPG’s majority shareholder and founder Radovan Vitek owns 93.9 percent of CPIPG’s share capital.
The investment by the Apollo Funds diversifies and strengthens CPIPG’s access to external sources of equity and underscores the company’s commitment to corporate governance, according to the release. Upon completion of the Apollo Funds’ investment, real estate expert Tim Scoble will join CPIPG’s board of directors.