Brief: UDR, Apollo Form $2.0 Billion Strategic Partnership
Wed 13:25
BRIEF-UDR, Apollo Form $2.0 Billion Strategic Partnership Oct 21 (Reuters) - Apollo Global Management, Inc. APO.N:
UDR, INC. AND APOLLO FORM $2.0 BILLION STRATEGIC PARTNERSHIP
JOINT VENTURE TO OWN 19 COMMUNITIES VALUED AT $2 BILLION
TO RETAIN ONE-THIRD INTEREST AND CONSOLIDATE JOINT VENTURE
APOLLO TO INVEST $1.34 BILLION FOR TWO-THIRDS INTEREST IN JOINT VENTURE
RETAINS OPTION TO REPURCHASE APOLLO'S INTEREST AT 7.00-7.50% FIXED RETURN
EXPECT TRANSACTION TO BE ACCRETIVE TO EARNINGS
Source text: ID:nBw1q1GRya
Further company coverage: APO.N
((Reutersbriefs@thomsonreuters.com;))