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Apollo’s $5 Billion Non-Traded REIT Now Effective


Apollo Realty Income Solutions Inc., a $5 billion non-traded NAV real estate investment trust sponsored by Apollo Global Management Inc., (NYSE: APO), was declared effective by the U.S. Securities and Exchange Commission.

As previously reported by The DI Wire, the REIT was publicly registered with the SEC in September.

The maximum primary offering is $4 billion, with an additional $1 billion in shares available via the company’s distribution reinvestment plan.

The company will seek to “invest primarily in a portfolio of diversified institutional quality, income-oriented commercial real estate primarily in the United States.”

Apollo Realty Income Solutions offers nine classes of common stock to the public, six of which will be offered to all investors in the offering (Class S shares, Class D shares, Class I shares, Class F-S shares, Class F-D shares, and Class F-I shares, which the company refers to as “founder shares”) and three of which will be offered through financial intermediaries to certain investors in the offering (Class A-I shares, Class A-II shares and Class A-III shares, which the company refers to as “anchor shares”).  Anchor shares are only available through financial intermediaries identified by the company under specific conditions.

The share classes have different upfront selling commissions ranging from 0% to 3% of share purchase price, upfront dealer manager fees ranging from 0% to 0.5% of share purchase price, and stockholder servicing fees that range from 0% to 0.85% of net asset value. In total, Apollo Realty Income Solutions estimates maximum underwriting fees and expenses totaling 10% of the maximum $4 billion primary offering.

In May 2022, Apollo Global Management completed the acquisition of the US interval fund asset management business of Griffin Capital, which followed the March 2022 acquisition of Griffin’s distribution business, through which Apollo added approximately 60 client-facing distribution professionals to its global wealth business.

As of Sept. 30, 2022, Apollo Global Management Inc. had $523.3 billion of assets under management.

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