Apollo Global JV sells 5,042-unit portfolio for $403m

Apollo Global Management, on behalf of its entity Citi Property Investors, and Corpus Sireo have sold their Franconia portfolio for €307.5 million, or €60,988 per unit ($403.4 million/$80,015 per unit). The new owner is Deutsche Annington.

The portfolio consists of 5,042 residential units and 209 commercial units located throughout Germany, particularly in Berlin, Dresden, Jena, Leipzig and Erfurt. Around 2,500 units are located in Berlin, more than 560 apartments and 40 commercial units are located in Dresden, more than 400 apartments are located in Jena, approximately 300 apartments and 10 commercial units are located in Leipzig, and approximately 250 apartments and five commercial units are located in Erfurt.

The transaction agreement was signed on Aug. 29. Closing is exp