Apollo to Take €1 Billion Stake in Second Vonovia Portfolio

Apollo Global Management Inc. has agreed to invest €1 billion ($1.06 billion) for a minority common equity stake in one of Vonovia SE’s residential unit portfolios in northern Germany.

The transaction is expected to close before the end of the year and the German real estate company retains the option to call the minority participation, according to a statement on Friday. The roughly 31,000 apartment units are primarily located in Kiel, Bremen, and Lübeck.

“For our tenants, nothing changes,” Vonovia Chief Executive Officer Rolf Buch said in the statement.

The main terms of this investment are similar to those ...