Apollo Realty Income Solutions Completes First Acquisition
Apollo Realty Income Solutions Inc., a $5 billion non-traded NAV real estate investment trust sponsored by Apollo Global Management Inc., acquired its first property with a fee simple interest in a newly constructed, $49.5 million cold-storage facility.
The facility is approximately 165,000 square feet and is located adjacent to the Rickenbacker Airport in Columbus, Ohio.
The property was acquired from an unaffiliated third party and Apollo Realty Income Solutions funded the acquisition with cash.
Construction of the Rickenbacker Property was completed in December 2022.
The property is 100% leased to SK Food Group, a custom food manufacturer with facilities across North America. The initial annual rent is approximately $3 million, with 3.25% annual rent escalations.
The lease is guaranteed by SK Food Group’s parent company, Premium Brands Holdings Corporation, and expires in February 2038, with two five-year renewal options.
As previously reported by The DI Wire, the REIT was publicly registered with the SEC in September 2022 and declared effective in November 2022.
As of Sept. 30, 2022, Apollo Global Management Inc. had $523.3 billion of assets under management.
Click here to visit The DI Wire directory page.
