Apollo-managed funds and affiliates have provided a $1 billion investment to Realty Income Corp. to acquire a 49 percent interest in a new joint venture entity that is expected to own a diversified portfolio of single-tenant retail properties subject to long-term net leases. Realty Income will continue to manage the portfolio, which includes approximately 500 retail assets that benefit from stable, contractual cash flows and are supported by Realty Income’s operating platform and long-standing asset management expertise.
“Our size, scale and longstanding commitment to providing dependable monthly dividends to investors make this a natural fit with Apollo’s insurance capital. Realty Income has demonstrated the ability to attract scaled commitments from partners looking to invest in our operating platform, and this new joint venture will further expand our access to efficient sources of private funding from one of the world’s leading financial institutions,” says Sumi
